IQ BackOffice Financial Benchmarking allows restaurant operators to save money, make better real-time decisions and have stronger financial controls.
Restaurants and Hospitality
Serve yourself state-of-the-art technology, back office savings and better controls
IQ BackOffice offers complete back office outsourced accounting services to restaurant and hospitality companies worldwide, from Accounts Payable through all back office processes including Sales Audit, Managed Payroll, Accounts Receivable, General Accounting and a full accounting systems infrastructure.
“For one of the largest restaurant chains in the USA with over 220 locations, we automated their AP process utilizing our proprietary IQR technology to digitize, automatically code and electronically route for approval all of their invoices, developed an AR process to reconcile charges and revenues from third party delivery companies, implemented controls around paid- outs and streamlined the fundraiser process, automated allocations and reconciled most of their balance sheet accounts, freeing up the accounting team to focus on higher value- added activities.”
We recognize the unique challenges facing this industry, including receiving invoices at many geographically diverse locations, payrolls with high turnover, large amounts of cash, credit card payments and numerous fixed assets. IQ Backoffice Accounting Services for Restaurants
IQ BackOffice’s deep industry expertise has allowed us to construct solutions to fit the unique needs of the restaurant and hospitality industries
Our Accounts Payable solution uses our proprietary IQR technology to turn all of your vendors’ invoices into digital transactions in real-time, while automatically coding them, routing them electronically for approval, allowing credits to be taken at time of approval and full integration into your back-of-house software for correct up-to-date inventory. This results in:
- Ensuring all credits are taken
- Elimination of lost/missing invoices
- Less manager time spent on back office tasks
- All invoices and associated data at your fingertips in real-time
- Cost savings of up to 70%
Our full service accounting solution either leverages your current infrastructure or uses our Sage Intacct solution to provide cloud-based accounting. Combined with our best practices and financial process automation, restaurants and hospitality clients gain a state-of-the-art back office infrastructure including:
“For one of the largest Denny’s franchisees in the USA, we implemented our complete full service accounting solution, taking them from an antiquated set of back office systems to a full cloud infrastructure, while implementing best practice processes to take advantage of the new software and reengineered processes. The client was able to reduce the time it took to generate financial reports, give their managers real-time information, and cut their costs by over 50%.”
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.
Why IQ BackOffice?
Our experienced team of implementation and processing experts will ensure you have the right tools to succeed. Through our accounting services and our partnerships with electronic payment solution providers, IQ BackOffice can help make even the most established restaurant processes more efficient and turn your accounting costs into real savings.
Restaurant operations will require the efficient management of a changing labor market, narrowing margins and growing regulatory pressures.
Restaurant industry sales are expected to hit a record high of $709.2 billion in 2015, according to the National Restaurant Association. In the first four
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.
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.