Dave Schnitt, CEO of IQ BackOffice, discusses the services they provide and the value they add to their clients.
What is the Mission of IQ BackOffice?
Why do companies suffer with inefficient Finance and Accounting Processes?
“Very few companies are able to achieve world-class in terms of their financial processes because it requires a lot of investment in terms of time, cost, and software.
Companies with world-class financial processes tend to be the largest and that’s because they’ve made the investments to achieve these results.
If you look at what a large company that’s world-class spends on finance and accounting, as a percentage of revenue, it’s generally an eighth of what a smaller company would spend and 60% less than a mid-size company.
And what this ultimately means is they can close their books faster and have higher quality books than other companies. The key to being successful is knowing how to use the tools and how to use the right resources to get results.”
Why has IQ BackOffice been so successful helping their clients get results?
“IQ has the scale, expertise, and automation tools that can make this happen. We achieve the results for our clients by doing a number of things.
The first thing we do is we re-engineer their processes to take advantage of best practices. We then automate those processes using our own proprietary technology and that gives better timeliness and visibility to what’s happening in all of these processes. And then any manual work that remains, our dedicated teams will perform for the client on an outsourced basis.”
What is the typical outcome for your clients?
“We actually measure where our clients are in terms of their key metrics around their financial processes before we start with them and after. What happens at the end and the result is that we’ll generally save our clients about 50% versus their existing cost.
But all the key metrics will be improved in their financial processes around timeliness, quality, cost, and of course, controls as well.
We’re confident that we can achieve our mission because we’ve been doing it now for over 20 years. We know how to serve clients globally and help them achieve results and get the world-class financial processes that they deserve.”