Automated invoice workflows lower processing costs and enable prompt payment discounts that favorably impact on the bottom line of the corporation. Comparing the corporation's lower administrative costs to other corporate peer groups in quarterly and annual reports leads to higher dividends and stock value.
Point-of-sale transaction transaction records eliminate surprises at the end of projects when vendors finally submit their invoices. Waiting for invoices and the time it takes to process them often 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 can be detected early in the life of a project and mitigated in a timely fashion.
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 legacy 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.
iQ 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 makes it possible for every piece of data required by all parties to a transaction to be captured at the point of sale. No individual 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.