Ken Johnson, SVP at IQ BackOffice, discusses mistakes he sees accounting departments make when outsourcing AP, and how doing it correctly leaves you with a leaner organization that can focus less on administrative work and more on growing the business.
Restaurant owners need to carefully look at the third-party services and pick the one that best suits their restaurant and can deliver the most significant volume of daily orders. And they should consider innovative and collaborative accounting providers, such as IQ BackOffice, to partner with them.
Ken Johnson, IQ BackOffice, discusses mistakes he sees accounting departments make when outsourcing accounting functions to execute their strategic plan.
AP Invoice Processing clerks have been benchmarked for decades. The common figure is that an AP clerk processes about 1,000 invoices per month.
Business Process Outsourcing (or BPO) is simply hiring another company to perform a specific function instead of doing it yourself.
AP automation vendors charge based on the number of system users and/or a fee per invoice - somewhere between $1.25 and $2.00 per invoice.
A streamlined Accounts Payable workflow is essential for managing the consistency, accuracy and efficiency of each step in the process from start to finish.
An efficient accounts payable process is critical to optimize working capital and measure operational efficiency for sound business decisions and planning.
IQ BackOffice offers full service accounting outsourcing to restaurant and hospitality companies. Savings up to 68% - improved quality and internal controls
According to Debi Warren, CPA, CGMA, “adding bookkeeping and accounting resources can increase firm revenue and provide your clients with more options.” Accounting outsourcing, she writes, enables firms to offer a greater variety, and level, of expertise at a lower cost.
According to Debi Warren, CPA, CGMA, “adding bookkeeping and accounting resources can increase firm revenue and provide your clients with more options.” Accounting outsourcing, she writes, enables firms to offer a greater variety, and level, of expertise at a lower cost.
Given how little time leaders of growing companies have, the thought of senior resources spending many working weeks each year just on their finances has many weighing the Pros and Cons of Outsourcing their accounting work.
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