FourQ - Best Financial Management Solution

Company: FourQ, Westport, CT
Entry Submitted By: Broadpath, Inc.
Company Description: Built by finance, accounting, and tax experts, FourQ is Intercompany Financial Management software that streamlines the global operations of the world’s largest companies. Providing automated intercompany processing seamlessly integrated with global vendor invoice management, FourQ helps multinational companies increase the efficiency of and improve their global business operations.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Financial Management Solution

Nomination Title: FourQ Deploys Intercompany Financial Management Software for Multinational Corporations

If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:

FourQ'sOneBiller solution, release 2.7 – Spring ‘21
FourQ's Paymaster solution, release 2.7 – Spring ‘21

FourQ’s Intercompany Financial Management platform comprises of two integrated solutions:

Paymaster which provides universal vendor invoice management and OneBiller which automates intercompany accounting for billing and tax optimization.

FourQ’s unique smart data mapping technology precludes the need for workflow-based automation and is 100% touchless allowing for unprecedented speed of processing and scale so that what might have taken days to process, can be completed in just hours. With FourQ, corporations will cut vendor disputes by half, ensure 100% on time payment and double the productivity of their intercompany finance teams.

Its configurable rules engine which enriches billing data and process and validation engines automatically manage fallouts through dynamic validation. These allow for unprecedented speed of processing and scale so that what might have taken days to process, takes just hours and delivers actionable insight to continuously improve operations. In addition to efficiency gains, FourQ helps unlock tax optimization insights to eliminate tax leakage and optimize tax compliance. Unlike ERPs which manage intercompany for just their application, FourQ connects to any data source or ERP enabling corporations to centrally manage intercompany across multiple ERPs and the entire organization.

FourQ customer testimonials:

"Were it not for FourQ validating and paying our invoices, the results would be a significant increase in overhead on the account."

"The initial setup of the systems and processes in order to ensure audit capability and validation can be complex, but this additional effort is returned through payments being received on time with very little issue."

Our aged receivables for U.S. services (90+ days) is at ~1.7% and the same number for Latin America is at ~72%. The differing factor is that our U.S. services are run through FourQ. We struggle with securing past due payments when the invoicing/payment platform is managed outside of FourQ's system."

https://fourq.com/onebiller
https://fourq.com/paymaster
FourQ Video - https://www.youtube.com/watch?v=VWSwzVcsmPw
https://blog.ventanaresearch.com/fourq-builds-confidence-and-trust-in-intercompany-financial-management