IQ BACKOFFICE VALUE PROPOSITION
IQ’s approach can be summarized in the following diagram. Our approach leads to four main benefits for our clients:
- Improved controls
- Reduced cost
- Expertise in Accounting Process Improvements
- Improved focus on finance, accounting and the core business
The results of Accounting Automation and Outsourcing with IQ BackOffice are as follows:
- Reduced Cost: We can perform data entry and other supporting transaction work within our India and Philippines Shared Services Centers thereby taking advantage of much lower labor costs. Our Archimedes technology is designed and built specifically for transaction processing so it moves “workflow items” efficiently and accurately to wherever they need to go next in the process, whether that is a quality assurance step or going to a manager for approval. Our Archimedes technology virtually eliminates all the non-value added activities, such as inter-office mailing, filing and retrieving documents, that drive up processing costs.
- Higher Quality: Every member of our ISSC team is required to have the Indian equivalent of at least a Bachelors degree in Accounting. We form dedicated teams for each client. These teams are trained, tested weekly and refresher-trained on our client’s processing rules and procedures – something few internal accounting departments require. Additionally, every keystroke or action taken by our agents is double-checked by a different member of our Quality Assurance team. We measure quality continuously, and our quality rate currently stands at three-sigma (99.97%) on a per-document basis, which is much higher than achieved by internal Accounting and AP departments. And, most important to achieving the highest quality possible, our Archimedes technology “locks in” proper procedures, best practices and techniques to prevent errors. It detects duplicate invoices along three dimensions, gathers quality metrics to drive improvements and even
tracks documents in the process so they are never misplaced. - Faster Cycle Time: IQ runs on a 24-hour cycle, so we generally complete processing within 24 hours. We do this by imaging documents the same day they arrive in the mail and then routing them electronically to our ISSC for data entry and exception management at night. We also have the capability to route invoices electronically for approval no matter where a CenturyLink manager happens to be located – all that is required is internet access. We have tracking methods and support team members that follow-up on approvals and exception resolution to ensure processing is completed as quickly as possible.
- Employee Efficiency: Similar to cycle time benefits, because we can route documents electronically we save valuable time for CenturyLink managers who, for example, can simply review and approve an invoice online or resolve a problem without having to get the paper from the mail at the office, sign it and then mail it off to be paid. Our Archimedes technology, it provides a simple, user-friendly interface that requires little or no training. In addition, our workflow technology allows CenturyLink managers to route items amongst themselves. All backup and correspondence regarding any Archimedes item is maintained in our database and “at the fingertips” of the user (e.g., memos, approvals, special instructions, etc.).
- Invoice Tracking: Archimedes offers instant status reporting, enabling a manager to see who needs to approve an invoice and how long it has been waiting for approval. This enables team members to ensure processing is completed as quickly as possible. In addition, our workflow technology allows CenturyLink managers to route items amongst themselves. All backup documentation and correspondence regarding any Archimedes item, including memos, approvals and special instructions, is maintained in our database and at the user’s fingertips.
- Customer Service: Our technology allows us to track work items in the process to quickly answer employee, Finance management and vendor questions. We maintain dedicated telephone-support team members in our El Segundo, California, headquarters or our Manila Shared Service Center to answer all vendor inquiries and provide support to our clients.
- Accounting Transaction Tracking: Archimedes offers instant status reporting. For example it enables a manager to see who needs to approve an invoice and how long it has been waiting for approval. This enables team members to ensure processing is completed as quickly as possible. In addition, our workflow technology allows CenturyLink managers to route items amongst themselves. All backup documentation and correspondence regarding any Archimedes item, including memos, approvals and special instructions, is maintained in our database and at the user’s fingertips.
- Reporting and Analytics: IQ leverages the latest technology to provide accurate real-time reporting of client metrics to support client business decisions.
- Customer Service: Our technology allows us to track work items in the process to quickly answer employee, Finance management and vendor questions. We maintain dedicated telephone-support team members in our El Segundo, California, headquarters or our Manila Shared Service Center to answer all vendor inquiries and provide support to our clients.
- SSAE16 Compliance: IQ’s SSAE 18 SOC 1 report will allow CenturyLink’s auditors to rely on our process controls allowing CenturyLink to reduce its audit costs by negotiating lower fees.
- Ongoing Cost Reduction: Our continuous improvement methodology allows us to work with our clients to reduce costs over time. For example, we will work with CenturyLink to increase the use of paperless invoices or make changes to the Accounts Payable process that ultimately reduce the costs of processing and then pass those savings along to CenturyLink.
A well-designed process that utilizes accounting best practices and sound technology enable us to manage your Accounts Payable process to the highest standards. The old adage “if you can’t measure it, you can’t manage it” is quite true. At a minimum, we measure transaction volume, cycle time, quality, customer service, and cost for each process. These measurements are taken at various steps or groups of steps in the process so we can understand, for example, steps that might be a bottleneck or a focal point for quality improvement. Our systems help us measure the large transaction volumes we deal with in our business at every step in the process to guide continuous improvement efforts. Simply stated, IQ’s culture is based on continuous improvement. We constantly search for best practices both in and outside of the Finance and Accounting field to provide ever-increasing levels of service and quality to our clients.
