The Top Industries that Benefit from Outsourcing Accounting Functions
This article delves into the key industries that reap the rewards of outsourcing accounting functions.
IQ BackOffice, the Leader in Business Process Outsourcing
Financial Business Process Outsourcing for Large and Mid-Sized Enterprises
Our solutions enable companies around the globe to automate, reengineer and streamline the complex financial processes they manage. Whether it is Accounts Payable, Accounts Receivable, Payroll or other processes, 99.97% quality and up to 70% cost savings is standard. See how IQ BackOffice can improve your business.
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.
David Schnitt, President and CEO
Watch this video to learn how IQ Office can help you achieve world-class finance processes
Our proprietary platform leverages our clients’ existing infrastructure to deliver significant process improvements and faster access to better quality information. Business Process Outsourcing with IQ BackOffice delivers lower costs, better decision-making and stronger financial controls for our clients.
The Companies We Keep
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.
We can't brag on the support we have received from IQ Backoffice enough. - I can't imagine having to go back to a paper-based workflow now that we've had this electronic approval process. Our IQ Backoffice Support Team is always responsive to our requests. We don't tell them enough how much we appreciate the support they give us. We find their value for the cost of the services is far above average and would recommend IQ BackOffice. What we value most about IQ BackOffice's services is the Archimedes workflow, accuracy and service quality, accessibility to staff, and scalability.
IQ BackOffice is an amazing partner to Opendoor Labs. We receive large quantities of paper invoices from Utilities and Home Owners Associations with critical short turnaround timelines and IQ’s accurate and rapid processing is critical to our ability to pay our bills on time. Valuable Bay Area resources no longer had to spend time dealing with paper and now can just leverage the useful spend metrics we have at our fingertips to perform the strategic high-value tasks they were hired to do.
IQ BackOffice helped give us better control and transparency to help us manage our business while significantly cutting our costs. They have exceeded our expectations and positioned us to scale for growth.
We sought to outsource in order to reduce costs and automate our processes. IQ's team provides us with a huge cost savings. We love the procedures and rigorous controls that go above standard accounting controls. We also love the additional accounting oversight of our dedicated IQ team.
IQ BackOffice is the most valuable vendor partner that I have onboarded at both my present and previous companies. The value of the soft cost benefits we achieved by working with IQ outweigh the significant hard cost savings achieved such as increased transparency and visibility, stronger compliance, easy accessibility to historical transactions and information, and reduced workforce frustration. We are regularly discovering additional back office processes that can be more efficiently and cost effectively handled by IQ.
IQ BackOffice's Archimedes solution provides us with centralized approval workflows and visibility across activity at Mina Group restaurants all over the US. And their Streamlinea solution for centralized web-based disbursements is amazing. We love that everything is paperless. Working with IQ allows me to remove myself from the day to day processing and focus on analytical work which allows me to add more value to the organization. On top of that, IQ is very professional and easy to work with. Starting during the sales process and as a client they take a very consultative approach really considering what your organization needs.
We needed automation and workflow and Archimedes provides audit trails, visibility and controls. We were also interested in upgrading our ERP. IQ assisted us with our software selection and, as a Sage Intacct Accounting Partner, has an in-house support team to assist us with the system including supporting integration with our other systems and writing custom reports.
Since 2011, IQ has been the best service we have ever discovered!!! Acting as a AP Department for us, we have never had an issue in getting all of our MILLION Invoices paid. With the approval process and checks and balances that IQ provides, on top of the quick turnaround response, it is like having an AP Department within your office! If you are a small company or a Billion Dollar Company as ours, IQ makes the AP process easy and seamless.
After our payroll manager left, we decided it would be best to hire a professional firm to handle our payroll instead of trying to find and keep a competent payroll staff. We have been very happy with the service provided by IQ BackOffice.
IQ provides an excellent balance between leveraging technology and people to efficiently and effectively achieve our goals. Many companies try to acquire technology to simply automate an already weak process. IQ BackOffice makes your rethink everything so that you automate new, best practice processes which then flow through to benefit all aspects of the business.
They are genuinely nice people and we have had incredible continuity in the team which is rare for service providers. They are not owned by a giant multinational and the attention paid to clients and the flexibility in of their solutions really shows that.
IQ BackOffice Business Process Outsourcing:
By the Numbers
Quality
0
%
Average Savings
0
%
of Transactions Processed Annually
$
0
Billion +
in Duplicate Transactions Caught
$
0
Billion +
Transaction Processing
0
Hour
Years of Management Experience
0
+
Hire an Expert and Pay Yourself
When you let us automate your back office functions, you can focus on what you do best.
Get to Work-Work, Not Paperwork
Get world-class quality while reducing costs with our accounting and payroll automation and services.
Do What You Do - Only Better
We reengineer your business processes to take advantage of automation and make them more efficient and effective.
Business Process Outsourcing Services
Financial Process Automation
It All Starts With a Leading-Edge Platform
IQ’s proprietary Archimedes platform automates your financial processes, and we help you reengineer those processes to fully take advantage of our technology. The result is a fully optimized process with better performance in all key areas – timeliness, quality, cost and service levels. In contrast, most automation solutions in the marketplace rarely reduce effort and therefore have a negative ROI.
For example, with our innovative IQR technologies, we can process most transactions without human intervention with almost 100% quality. Transactions get processed almost immediately upon receipt at high quality and low cost.
Business Continuity
Bullet-Proof Your Company from External Events
IQ’s solution is in the cloud and highly automated, with built-in redundancy of technology, processes and people. During the Covid-19 pandemic, IQ not only continued to serve our clients without a hiccup, but also continued to grow as clients realized the value of our virtual solutions in uncertain times.
Accounts Payable Outsourcing
Reengineered, best practice processes, automation, transparency and control
Whether you need to upgrade from a platform that worked for your company when it was smaller or you are just starting to digitize the AP process, IQ can help you quickly attain a best practice AP process using the latest technology.
When one of our clients was purchased by a global clothing wholesaler and retailer, we implemented our AP solution alongside their SAP environment, digitizing all of their paper, automating coding and workflows, controlling their inventory, processing every transaction within 24 hours of receipt and cutting costs by 54%.
Accounts Receivable Outsourcing
Comprehensive Billing, Cash Application and Collections Management
Working capital is the lifeblood of a company, but it’s still largely tracked via hand-processed billing, cash application and collections management. IQ BackOffice is ready to move you forward with web-based workflows and automated processing that can cut your costs by up to 70% while providing real-time insight into your accounts receivable and cash flow.
Our client, one of the largest restaurant chains in the USA with over 220 locations, was struggling with the Accounts Receivable of third party delivery services such as Doordash and UberEats. IQ developed a process to effectively reconcile and collect all of the monies due to our client, ensuring that they were being charged correctly, received all of their credits and properly recorded income and expenses.
Managed Payroll Outsourcing
Increase your savings and control
Companies outsource payroll more than any other function, but many never see the results they expect. At IQ BackOffice, we know that payroll is more than calculating withholdings and cutting checks. We will keep your company current on regulations, efficiently process hires and terminations, generate more accurate data and quickly resolve employee issues.
When a private equity firm purchase a retailer with over 500 locations, we were able to get payroll up and running for over 7,000 employees within a few weeks and ensure accuracy and timeliness from then on.
Accounting Outsourcing - IQ BackOffice Offer the Full Suite of Services
Automation, reduced Costs, Better Control and More Informed Decisions
IQ BackOffice offers complete accounting services that combine top-to-bottom process reengineering and best practices with web-based workflow systems. We leverage your existing infrastructure to reduce errors and lower costs while improving your controls and deliver real-time insight into your financials at all levels.
When a private equity firm purchased one of the largest chains of hair salons in the USA, we implemented a brand new cloud-based accounting platform, integrated it with a new POS system, developed and implemented all financial processes including Accounts Payable, Payroll, General Accounting, Fixed Assets, and Taxes and Licensing processes within a few weeks, delivering close to real-time financials and saving our client 70% of their back office costs.
Accounting Outsourcing - Insights
Is Finance as a Service Outsourcing (FaaS) the Future of Financial Services?
The Finance as a Service Outsourcing model provides businesses with many advantages and is becoming increasingly popular in an expensive and ever-shrinking talent pool.
When is the Right Time to Consider Outsourcing Your Financial Operations?
How do you know when it’s the right time to consider outsourcing your financial operations? In this article, we’ll explore the signs that indicate outsourcing may be the right choice for your business.
Accounts Payable Outsourcing - Insights
AP Invoice Processing – How Many Invoices Should an Accounts Payable Clerk Process?
AP Invoice Processing clerks have been benchmarked for decades. The common figure is that an AP clerk processes about 1,000 invoices per month.
Pros and Cons of Outsourcing Accounts Payable
Outsourcing Accounts Payable with a reputable third-party company like IQ BackOffice has many benefits. There is also one important drawback to consider as well.
How Much Does Accounts Payable Automation Cost?
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.
Why Choose IQ BackOffice for Your Business Process Outsourcing Needs?
Let's talk!
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.