It is commonly known that big IT staffing companies lose a considerable part of their income because of missed invoices.
Here is a brief description about missed invoices. They are: “invoice discovered by the AP (Accounts Payable) department of the customer when the vendor (IT staffing companies in our context) calls to enquire about the status of their bills and is found that it has not been posted for processing.”
What are the causes of missing invoices? And Solutions
- Your accountant misses the due date for submission of an invoice and it has been put by the customer’s accountant for consideration in the next payment cycle. The problem gets compounded when the customer’s accountant fails to process in the next cycle. You call the customer’s office only to discover that it is in the backburner and that it will be considered for payment only in the following payment processing cycle. How do you avoid this trap?
Automate your invoicing process with software that has been made for the IT staffing invoicing automation. Automated invoicing software like CONSULT® can get your invoices ready on the last day of the invoicing circle. It can be programmed to dispatch the invoice on the appointed day digitally. Don’t leave such an important process to human memory – make it an automatic process.
- Your invoices are laden with errors – wrong hourly rate, timesheet errors and contractual obligations are not included. Your customer is worried and wants a complete audit of all invoices you had submitted earlier and received a payment. Your customer’s accountant decides to put your current invoice on hold. You call a few days later only to discover that it has gone into the missed invoice bin. How do you avoid this from happening to your staffing company?
Automate your invoicing process; your invoices will be perfect. Software like CONSULT® will ensure that only the correct pay rate, timesheet and contractual information have been entered in the invoice submission. Automate your invoicing process with CONSULT® and experience the benefit of error-free invoicing processing ecosystem for your business.
- Your accountant submits an invoice without the essential supporting documents such as: contract copy, consultant timesheets and without a clear description of tax categorization. Customers tend to look suspiciously at invoices that are without the essential elements. Your customer’s might want clarity and hence sends your invoice to a “clear later” bin and have forgotten about it. When the payment day comes and you call only to discover that your invoice is not in the AP process.
This is an easily avoidable situation if only you decide to automate the invoicing process. Automated invoicing systems such as CONSULT® can be pre-programmed to include the entire essential annex automatically.
Explore CONSULT® the made-for-QuickBooks invoice automation software that IT staffing companies trust for avoiding getting caught in a missing invoice trap.