When your IT staffing business has a large number of consultants (usually it does for economies of scale) managing their bills can be complex and tends to consume a lot of time. At the same time, in spite of the vast time invested by your accountant, it is not possible to be 100% assured that everything is accurate and payment can be ordered straight away. In most staffing companies that still process vendors’ payments manually, authentication is done at multiple levels, especially high-value payments due for payment to consultants.
The Need for VMS in Staffing Business
The more complex vendor bills are those that come from subcontractors because your accountant has to start from scratch beginning from the timesheets submissions of the subcontractors to their parent staffing company and matching those records in his own books of records. In reality this can get even more complex when the records of the principal IT staffing company, the subcontractors, the subcontractors’ consultants’ and the customers’ records all have to be matched and reconciled before even a bill can be raised by the principal IT staffing company and sent to the customer.
This is not the end of the complexity; sometimes there may be 5 or 6 subcontractors hailing from different states and having different tax laws and tax rates. It is not uncommon in the staffing industry for customers to return bills, seek clarification or order a fresh invoice. It can be a mind-boggling task even for an accountant with many years of experience in the staffing business.
CONSULT VMS in Subcontractor Invoicing
If your IT staffing business is committed to automating invoicing process, timesheet submissions, invoice categorization, automatic invoice dispatching and using QuickBooks, then all auditing, including subcontractor invoice auditing can be done using CONSULT VMS. Unlike in manual invoicing, billing defects are easy to detect long before an invoice is generated and dispatched to the customer to get paid.
With CONSULT VMS (integrated with QuickBooks), your accountant can monitor the subcontractor invoices within the software’s ecosystem. There is generally no waiting time to audit until all data crunching has been done. The advantage is every data is validated beforehand and your accountant can validate or choose not to validate in the first instance itself.
What Makes CONSULT VMS such a powerful subcontractor invoices auditing tool? CONSULT (with built-in VMS) was created to serve two major issues – save time and bring 100% accuracy into the invoicing and vendor payment processes. It seeks to reduce the tiring part out and help accountants to focus on core activities rather than doing mundane repetitive work that causes lethargy.
The Dashboard in CONSULT
CONSULT VMS is built with an advanced dashboard to give accountants overall control on timesheet submission, sending reminders to delinquent consultants to speed up timesheet, categorization of invoices for applying the right tax rate, emailing invoices to customers in PDF format, sending reminders for payment and carrying out many other critical functions automatically.
You can easily access CONSULT from the https://www.consultapp.ai/ website to learn more about how the solution helps staffing companies to work more efficiently and profitably. It comes with a competitive pricing at $1/Invoice.