Automated invoice workflows that lower processing costs and enable prompt payment discounts immediately increase the bottom line of the corporation. This makes for better quarterly and annual reports to shareholders and other stakeholders. iQ allows financial managers to favorably compare their own administrative costs to their peers which translates to higher dividends and stock value.
Point of Sale transaction records eliminate the need for vendors to submit invoices before Finanical Managers know the true project costs. Waiting for invoices and the time it takes to process them ofen means the accounting systems are 30-60 days behind real time.
Relevant real-time project data allows management teams to pivot and/or make data driven decisions based on what is actually happening in the projects. Project cost overruns that come as a surprise to management will not occur in corporations using iQommerce.
iQommerce's proprietary automated workflow simplifies the entire AP process while providing permission-based access to all stakeholders in your organization. By utilizing this workflow strategy, the majority of the invoice processing is handled through the collaboration of your project and operations teams and their vendors. Only fully approved transactions reach the accounting team in a digital format that can be easily imported into accounting and ERP systems.
Cost accruals are generated at the point of sale and do not have to be obtained from operations personnel or manual field reports. Generate project reports on demand that detail accruals, invoices, and total project costs in real time.
Empowering the operations group to create smart projects and smart vendor contracts leads to invoices reaching the accounting group properly coded and virtually error-free.
Smart Projects rely on the financial aspects of projects being carefully set up by administrators. Further, administrators can analyze and respond to vendor invoice queries within seconds, can identify invoice bottlenecks, and be involved in the invoice approval process which can greatly impact job satisfaction and relevance.
Automated invoice processes keep the invoice cycle moving and eliminates backlogs that can become overwhelming to deal with.
iQ's makes it possible for every piece of data required by all parties to a transaction be captured at the point of sale. No person on either side of the transaction should ever be required to manually enter that data again. This leads to a dramatic increase in invoice accuracy and accountability.
Every transaction within iQommerce contains a full history of who created a document, who approved a document, and who might have edited a document. Recorded information includes the user name, date, time, IP address, as well as both the original and revised data of edited fields and documents.
iQommerce allows Auditors to work from their own offices rather than having to provide them with office space and stacks of paper financial documents. If required, anyone can create hard copies of exactly what they need at any time they need it.
Allow Auditors "view only" permission to conduct ongoing audits on a regular basis. Eliminate costly audits under the duress of short reporting deadlines.