New Year, New World… Are You Ready?

While we celebrate the coming of 2021, many challenges remain before us. At ICG, we are optimistic about the weeks and months ahead, and with the proper planning and preparation, opportunity abounds in this new year and new world.

2021 Financial Back Office Themes:

  1. Do as much as possible remotely in a secure and compliant fashion
  2. Become as efficient as practical
  3. Drive more processes to a vendor self-service model so your people can focus on value-added activities

Tools at your disposal to help you prepare:

Cloud-hosted portals offer many tools that support remote operations, drive efficiencies, and promote secure vendor self-service programs. Wherever your responsibilities lie on the procure-to-pay spectrum, these tools can help:

AP Automation

ICG’s cloud-hosted accounts payable automation solutions are designed for rapid deployment in a remote processing environment to support business continuity in a highly secure environment.

  • Data and Document Capture: Turn everything incoming into actionable data for your back office. Our data and document capture tools are designed to accommodate large and medium-sized AP operations that receive a wide variety of invoices/payment demands from multiple sources and formats.
  • Workflow: Effective business process management (BPM), commonly known as workflow, can improve business performance, increase revenue, and decrease the time it takes to complete a task.

Vendor Portal

A Vendor Portal is a web-based, vendor self-service solution that allows you to communicate, collaborate, and transact with your vendors in a secure, online environment 24/7.

  • ERP & System Integration: ICG takes an agnostic approach when it comes to integrating with your back-end systems. Our customers all have their own set of back-end financial and related ERP systems in place, and we interface with each one. Our ERP-agnostic method allows us to move faster and work with minimal or zero customization required.
  • Vendor Onboarding: Vendor onboarding is gathering documents and data needed to set up a company as an approved vendor. It also mitigates risk by providing numerous compliance and validation steps to avoid fraudulent vendors and ensure your vendors are healthy and compliant with all of your requirements and federal, state, and local regulations.
  • Vendor Management: Vendors can update their information on their own when things change.
  • PO Dispatch & Update: This solution allows you to automatically dispatch purchase orders to the appropriate company and contact. The contact receives a URL that allows them to access the PO and perform many actions. You can also proactively request real-time vendor updates on the status of PO fulfillment.

Get Started

In this new year and new world, ICG provides a full suite of cloud-hosted solutions in a secure, single-tenant environment. Our solutions also promote remote processing and facilitate vendor self-service. And even more importantly, ICG can provide the experience and expertise to ensure you are following best practices. Contact ICG today for more information, or click here to schedule a demo of our world-class solutions.

Posts you might like:

Multifaceted ERPs vs. ICG’s Solutions

Choosing the right back-office solutions can feel like navigating a maze. For businesses looking to optimize their back-office operations, the decision may come down to two entirely different solutions: a comprehensive, multifaceted ERP system or a more agile,...

Solution for Non-Standard Invoices

Invoice processing can be a major drain on resources for finance and accounts payable teams, especially when dealing with invoices that don't conform to a standard template. Manually keying in data from these non-standard documents is time-consuming, prone to error,...

Using a Vendor Portal to Consolidate Systems

Is your AP team constantly fielding calls and emails from vendors asking about invoice status? Are you juggling multiple backend systems, trying to provide a clear picture of payment progress? If so, you're not alone. Many companies, especially those with several...

Out-of-the-Box Software vs. ICG Approach

Choosing the right back office technology is a critical decision for any organization. It can be the difference between streamlined, efficient operations and a mess of manual workarounds, half-working systems, and imperfect solutions. Financial back office technology...

What To Do About Vendor Fraud

Balancing fraud prevention with a user-friendly vendor experience is a critical challenge for businesses today. Striking the right balance between the two is essential, as you need to protect your company's finances without creating a vendor management process so...

Internal IT Build vs. ICG Innovations

When it comes to developing and implementing new technology and systems for your financial back office, a common question arises: Should we rely on our internal IT team, or explore external alternatives? There are compelling arguments for both approaches, and...

Dynamic Discounting and Budgeting Season

Budgeting season is a critical time for all businesses, but particularly within the financial back office. It's a period of intense scrutiny, forecasting, and strategic planning. The pressure is on when it comes to saving money, and creating more value from the...

Choosing the Right Technology: AI

With technology becoming more and more advanced, keeping up with the trends is no longer enough for companies to thrive. Instead, businesses must stay on the leading edge, and that means embracing AI in the financial back office. If you haven't already started...

Configuration vs. Customization

When your financial institution is looking to implement new back-office systems, whether it's for accounts payable, general ledger, or expense management, you'll inevitably encounter a fundamental decision: Should we configure an existing solution, or opt for deep...

Invoice Ingestion Options

Efficient invoicing is crucial to maintaining strong cash flow and accurate records in your organization's financial back offie. But with so many ways to receive and process invoices, how do you choose the right approach for your company? This blog post will explore...