IQ BackOffice’s Accounts
Payable Outsourcing Services Provide Significant Benefits
25% to 50% annual A/P processing cost savings
without capital investment
IQ BackOffice’s use of advanced workflow and imaging technology,
best practices and high levels of quality ensure that we process
all clients’ Accounts Payable efficiently and accurately.
And because our service platform sits on top of our clients’ accounting
systems, we can leverage your existing infrastructure, without any
capital investment on your part.
Greater, centralized control over payables
across the enterprise, irrespective of physical location
IQ BackOffice changes the billing address to our PO box and we scan
and enter invoice information generally within 24 hours of receipt.
We then electronically route it to the appropriate managers for
review and approval utilizing our web-based workflow, so the people
who know whether something should be approved or not can authorize
it: Centralized control with decentralized approval.
World-class quality and accuracy from IQ
BackOffice’s ISO 9001-certified service centers, ensuring accurate
matching to PO’s and receipts and elimination of duplicate and erroneous
payments
At the start of any client engagement, we define detailed business
rules around invoice matching and approval. Our workflow software
utilizes these rules to route invoices for approval, ensuring that
invoices are approved by each and every manager necessary, and checks
for supplicates and other potential overpayments. For invoices
matched to PO’s and receipts, our college educated team members
follows all matching rules and handles any exceptions. Any
invoice can be electronically routed to any member of our client’s
management for review if needed.
Real-time tracking and reporting of all
payables from the time they are received from the vendor through
disbursement, for client employees and their vendors
From the moment we scan an invoice we start tracking its status
and date and time stamp it at each step of the process, providing
immediate and complete visibility of all payables using our web-based
reporting system. The system reports to client management
any information on the invoice (dollar amount, vendor, date, etc.),
step in the process, who approved it and when, any exceptions by
line item and type (price discrepancy, quantity discrepancy, etc.),
inbox status (so you can see which managers are “sitting” on their
invoices), and sums all outstanding liabilities for the company.
This system is secure yet accessible over the web by all client
employees and vendors when approved by our clients.
Automated routing of payables for approval by business unit managers irrespective
of location, enhancing control and manager productivity
Any invoice processed can be routed electronically to any employee’s
“InBox”. Employees can log into their InBox over the web securely,
view the invoice image the invoice information, change the account
coding as necessary, and approve or reject it. If approved,
it is automatically routed to the next manager for approval based
on the business rules identified at the start of the engagement.
This method provides for superior control over the process by management
while dramatically reducing effort in approving and tracking invoices.
Elimination of the headache of recruiting, hiring and managing clerical
staff
Managing a clerical staff that typically has high turnover and requires
extensive training is generally a headache for most financial managers
and takes time away from other priorities more important to the
business.
The ability to focus on strategic, pertinent finance issues instead of
non-value added activities such as A/P
One of the most significant benefits our clients report is the increased
focus on important issues affecting the business instead of spending
valuable time managing the Accounts Payable process and the clerical
staff.
No Risk
IQ BackOffice’s Accounts Payable services can be piloted in one
location or for one vendor before being rolled out across the enterprise.
And if for any reason you want to discontinue using our services,
just change the billing address on your invoices and you are all
set.
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