In manual subcontractor invoice payment processing, the possibilities of paying twice (or more) for the same invoice are high, in spite of the fact that accountants take great precautions and follow diligent payment processing. In most instances the reason can often be traced to a tired accountant who is often tasked with doing the same type of work repeatedly. Lethargy can set in easily when people do repetitive work for extended hours.
Fail-proof the Invoice Payment Gateway
The best way to stop paying inadvertently twice for the same invoice is to automate the subcontractor invoice payment processing with CONSULT VMS. The built-in sophisticated algorithm that controls the VMS is specially made for use by the IT staffing firms as integration for their QuickBooks accounting application. The VMS is not a superficial audit tool; it works with the right provisions that were originally agreed upon between the IT staffing firm and the subcontractor.
Important terms of the agreement, such as consultant pay rates, project start/end dates, discount percentage, commission rates, penal charges, travel and onboarding expenses, early termination charges and incentives are all recorded at a very early stage of the project in the CONSULT application. The application attaches great importance to timesheet submission and the methodology used. The essence of the application is that it minimizes the use of data in paper form that is difficult to retrieve at the time of generating invoices for customers.
Providing True Protection Cover to Invoice Processing
It should be apparent to anyone with a basic introduction to accounting in IT staffing companies that preparing paper-based or converting paper-based invoices to PDF formats does not offer any advantage; at its best PDF bills will help transport a bill digitally and do nothing more. On the contrary, a CONSULT-driven invoice is a true-digital invoice that is capable of being used in machine processing thereby cutting down time consumption and increasing reliability and accuracy.
Why your accountants will never go wrong and make an inadvertent payment (even the first or second) is that it will be compared with multiple documents and then validated before payment is ordered through the QuickBooks automated payments module. It is almost impossible to make a second payment for the same invoice because the fact that a payment initiative has already commenced and sent for payment is recorded in all the relevant documents as the controlling algorithm.
Transiting to a Secure Processing Environment
Though CONSULT’s VMS is amply provided for fail-proof payment authorization, it also provides a second layer of protection by the features built-in QuickBooks. Thus if an upfront fee is paid for a subcontractor firm and the same has not been recorded in CONSULT’s VMS, still the QuickBooks security layer will prevent it from making a second accidental payment.
CONSULT’s VMS is a versatile IT-staffing-centric payment authorization tool that is delivered as a cloud-based SaaS and priced on a per invoice basis. Since it is cloud-based, the tool is accessible across a wide range of handheld devices thus empowering workers to work remotely and while on the move. It is not just about security, high-end features, mobility, cost-effectiveness and accuracy; it is more about empowering IT staffing businesses to boost their productivity and profits.
