Accounts Payable Outsourcing Case Study – Fast Growing & Innovative Casual Dining Restaurant

Accounts Payable Outsourcing Case Study

Background

• One of the fastest growing and most innovative restaurant chains
• Almost 40,000 invoices processed per month in over 200 restaurants across the US
• Focus on achieving Sarbanes 404 compliance and building a world‐class finance & accounting organization

Issues

• Common issues in A/P processing including delays due to the manual nature of the process and multiple opportunities for error and duplicate payments
• Difficulty in managing, recruiting and retaining clerical personnel
• Unable to keep up and no visibility, especially at the restaurant level
• Rapid terms with vendors, making it difficult to approve all invoices before payment

Solution

• Developed custom processes for corporate and restaurants to reduce cycle time, improve quality and rapidly resolve exceptions
• Developed comprehensive business rules, detailed approval matrices and enhanced controls
• Utilized IQ’s Archimedes system to route invoices for approval, document exceptions and resolution through complete adjudication
• Client reduced costs and gained a fully Sarbanes 404 compliant A/P process
• Client went from one of the lowest ranked D&B credit scores to the highest possible