Intercompany accounting issues are increasingly problematic for global organizations operating across multiple countries. Tax and regulatory changes, global supply chains and globalization have all created extremely complex accounting procedures that are inefficient and can prove to be very costly as well. For example, Coca Cola corporation recently had to pay a $3.4 billion tax penalty when it was discovered its intercompany royalty rates were not applied correctly, leading to underreported taxable income.
Built by finance, accounting and tax experts, FourQ is intercompany financial management software that streamlines the global operations of the world’s largest companies, allowing them to increase operational productivity while saving millions of dollars annually through optimized intercompany billing and payment, tax leakage mitigation and proactive tax optimization strategies. With FourQ, corporations will cut vendor disputes by half, ensure 100% on time payment and double the productivity of their intercompany finance teams.
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FourQ provides continuous operational support and expertise across tax, intercompany billing, vendor payments, and financial transformation. FourQ’s IFM platform is comprised of two solutions; Paymaster which provides global 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. Its configurable rules engine automatically manages fallouts through dynamic validation, allowing 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. FourQ also 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 you to centrally manage intercompany across multiple ERPs and the entire organization.
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