For large organizations that do business globally, FourQ’s intercompany accounting and invoice management solutions are the key to streamlining processes, minimizing risk, and improving efficiency. FourQ CEO Varun Tejpal explains how the company delivers these critical benefits for its clients, and what’s on the horizon for this fast-growing enterprise.
Q: Could you provide our readers with a brief introduction to FourQ?
A: FourQ provides the only full-service, wing-to-wing solutions for automating two functions that create major pain points for organizations which operate globally: intercompany billing and vendor invoice management. Together, our technology solutions and consulting services eliminate those pain points—enabling our clients to improve their intercompany processes, automate and streamline those functions, and drive down their costs and risks. What makes FourQ unique is that we were built by a team of experts who’ve worked with some of the largest and most complex companies on the planet. So while we certainly have the technology expertise to develop and deliver these solutions, we also have a wealth of subject matter expertise in areas like finance, tax, and regulatory issues. FourQ currently operates in over 100 countries, and over 150 client organizations use our solutions.
Q: Can you give us more insights into your full-service, complete solution for automating intercompany billing and invoice management?
A: FourQ actually offers two technology solutions: OneBiller for intercompany billing and Paymaster for vendor invoice management. In large global companies it’s common for intercompany billing to be decentralized, and that tends to be inefficient, costly, and susceptible to tax and compliance risks. OneBiller centralizes and automates intercompany billing to improve efficiency and reduce costs and risks. After implementing OneBiller, our clients find they can avoid overpaying indirect taxes and minimize or eliminate late payment fees and tax penalties. They also tend to see significant increases in their staff’s productivity.
On the other hand, global companies often use a shared service model to manage vendor invoices, which creates big challenges. Staying compliant with country-specific tax regulations, recovering indirect taxes across countries, accounting for differences in global currencies and foreign exchange rates, and working across the many different systems you typically find in a multinational company—all these requirements become more difficult when organizations use a manual, centralized process for invoice management. By automating and centralizing this function, Paymaster helps our clients improve payment accuracy, avoid unnecessary costs like late fees and penalties, spend less time resolving billing disputes, and maintain compliance.
Q: You’ve recently announced that May Ma joined FourQ as VP, Transformation. Can you tell us something more about this recent addition to your leadership team?
A: FourQ is fortunate to have a leadership team with an incredible breadth and depth of expertise in both technology and intercompany accounting, and May Ma is a tremendous addition to that team. As one of the eminent thought leaders in the intercompany space, she brings invaluable expertise to FourQ and our clients. May spent the last 15 years working closely with C-suite leaders in Fortune 500 companies, helping them transform their operating models to achieve significant business results. Whether it’s implementing global financial systems, leading process improvement initiatives, or driving transformative change, May has done it all. She’s worked on the consulting side at Deloitte and she’s served in finance management roles within industry, so she’s walked a mile in our clients’ shoes. We’re excited to have May join us in a role that will have a major impact on our business—forging the relationships that allow us to continue our growth trajectory, building out our internal talent, and helping our global clients address their intercompany challenges.
Q: What can we expect from FourQ in next 6 months?
A: The next six months will be an especially exciting time for FourQ and our clients! We’re working on several initiatives that will take our intercompany solutions to the next level through the application of new and emerging technologies. As we apply artificial intelligence and machine learning to tasks like intercompany netting and settlement, and combine those capabilities with our proven solutions, FourQ clients will take even further leaps forward in improving their intercompany processes.
Q: What’s the best thing about FourQ that people might not know about?
A: The FourQ team has 100+ years of experience dealing with the most complex intercompany problems faced by the largest organizations in the world. We’re a lot like that insurance company that likes to tout, “We know a thing or two, because we’ve seen a thing or two.” When it comes to intercompany accounting, our team has seen it all and done it all. When you can apply that level of experience to a client’s business challenges, there are few limits to the results you can achieve.