In this article, we will explore the unique and creative gains specifically from Outsourced Accounting that may help you unlock new levels of progress.
Financial Business Process Outsourcing for Large and Mid-Sized Enterprises
Our solutions enable companies around the globe to automate, reengineer and streamline the complex financial processes they manage. Whether it is Accounts Payable, Accounts Receivable, Payroll or other processes, 99.97% quality and up to 70% cost savings is standard. See how IQ BackOffice can improve your business.
IQ BackOffice works with leading global companies which include the world’s largest steel manufacturer, the largest technology and entertainment conglomerate, large retailers and restaurant chains across thousands of stores and e-commerce sites. Other major clients include distribution, energy, healthcare, real estate, and financial services companies.
David Schnitt, President and CEO
Watch this video to learn how IQ Office can help you achieve world-class finance processes
Our proprietary platform leverages our clients’ existing infrastructure to deliver significant process improvements and faster access to better quality information. Business Process Outsourcing with IQ BackOffice delivers lower costs, better decision-making and stronger financial controls for our clients.
IQ BackOffice partnered with Hair Cuttery in their acquisition of one of the largest chains of hair salons in the country with over 500 stores. IQ designed and implemented an entire state-of-the-art back office infrastructure in 30 days including a new accounting system, EDI systems, payroll platforms for over 7,000 employees as well as all of the associated business processes and reporting. IQ saved Hair Cuttery over 80%, while providing best practice financial business processes and technology and excellent quality and services.
IQ BackOffice Business Process Outsourcing:
By the Numbers
Hire an Expert and Pay Yourself
Get to Work-Work, Not Paperwork
Do What You Do - Only Better
Business Process Outsourcing Services
Financial Process Automation
It All Starts With a Leading-Edge Platform
IQ’s proprietary Archimedes platform automates your financial processes, and we help you reengineer those processes to fully take advantage of our technology. The result is a fully optimized process with better performance in all key areas – timeliness, quality, cost and service levels. In contrast, most automation solutions in the marketplace rarely reduce effort and therefore have a negative ROI.
For example, with our innovative IQR technologies, we can process most transactions without human intervention with almost 100% quality. Transactions get processed almost immediately upon receipt at high quality and low cost.
Bullet-Proof Your Company from External Events
IQ’s solution is in the cloud and highly automated, with built-in redundancy of technology, processes and people. During the Covid-19 pandemic, IQ not only continued to serve our clients without a hiccup, but also continued to grow as clients realized the value of our virtual solutions in uncertain times.
Accounts Payable Outsourcing
Reengineered, best practice processes, automation, transparency and control
Whether you need to upgrade from a platform that worked for your company when it was smaller or you are just starting to digitize the AP process, IQ can help you quickly attain a best practice AP process using the latest technology.
When one of our clients was purchased by a global clothing wholesaler and retailer, we implemented our AP solution alongside their SAP environment, digitizing all of their paper, automating coding and workflows, controlling their inventory, processing every transaction within 24 hours of receipt and cutting costs by 54%.
Accounts Receivable Outsourcing
Comprehensive Billing, Cash Application and Collections Management
Working capital is the lifeblood of a company, but it’s still largely tracked via hand-processed billing, cash application and collections management. IQ BackOffice is ready to move you forward with web-based workflows and automated processing that can cut your costs by up to 70% while providing real-time insight into your accounts receivable and cash flow.
Our client, one of the largest restaurant chains in the USA with over 220 locations, was struggling with the Accounts Receivable of third party delivery services such as Doordash and UberEats. IQ developed a process to effectively reconcile and collect all of the monies due to our client, ensuring that they were being charged correctly, received all of their credits and properly recorded income and expenses.
Managed Payroll Outsourcing
Increase your savings and control
Companies outsource payroll more than any other function, but many never see the results they expect. At IQ BackOffice, we know that payroll is more than calculating withholdings and cutting checks. We will keep your company current on regulations, efficiently process hires and terminations, generate more accurate data and quickly resolve employee issues.
When a private equity firm purchase a retailer with over 500 locations, we were able to get payroll up and running for over 7,000 employees within a few weeks and ensure accuracy and timeliness from then on.
Accounting Outsourcing - IQ BackOffice Offer the Full Suite of Services
Automation, reduced Costs, Better Control and More Informed Decisions
IQ BackOffice offers complete accounting services that combine top-to-bottom process reengineering and best practices with web-based workflow systems. We leverage your existing infrastructure to reduce errors and lower costs while improving your controls and deliver real-time insight into your financials at all levels.
When a private equity firm purchased one of the largest chains of hair salons in the USA, we implemented a brand new cloud-based accounting platform, integrated it with a new POS system, developed and implemented all financial processes including Accounts Payable, Payroll, General Accounting, Fixed Assets, and Taxes and Licensing processes within a few weeks, delivering close to real-time financials and saving our client 70% of their back office costs.
Accounting Outsourcing - Insights
As the digital world expands, the ability to safeguard sensitive information across borders will become a hallmark of successful outsourcing relationships, ushering in an era where data security is not just a requirement, but a strategic imperative for long-term success.
By embracing technology and aligning it with strategic outsourcing partnerships, businesses have a competitive advantage in their operations.
Accounts Payable Outsourcing - Insights
To decide between AP automation or AP outsourcing for your company, it is best to define your goals. In this article, we take a closer look.
Labor costs cause AP Automation to almost always have a negative ROI. Automation for the sake of automation rarely, if ever, yields results.
There’s no one-size-fits-all answer to risks in accounts payable, but one of these can help you reduce risk, avoid financial consequences.
Why Choose IQ BackOffice for Your Business Process Outsourcing Needs?
Accounting transactions have six key issues that prevent them from being managed with proper internal controls and management controls.
Our approach leads to four main benefits for our clients: Improved controls, Reduced cost, Process Improvements, Improved Focus on Core Business.
Section 404 is listed under Title IV of the Arbanes-Oxley act (Enhanced Financial Disclosures) and pertains to “Management Assessment of Internal Controls”.
We would like to hear from you! If you have a question or comment about our Business Process Outsourcing services, or you’d like an IQ BackOffice representative to contact you, please use the form below. We’ll also send you a link to our Corporate Brochure.