The year 2021 should be considered a watershed year of the IT staffing business. This year staffing companies are beginning to realize that full-scale accounting automation can bring in efficiency in all the functional areas of staffing company operations. The first among core areas that are receiving full attention is invoicing processing starting with timesheet submission and the stream of processes that follow till the end of VMS.
The reason why invoicing is receiving so much attention is the dawning on IT staffing financial managers that over the past they have lost heavily because of shortcomings in the invoicing process which was done mostly manually using QuickBooks. The use of add-ons for invoicing was unheard of and accountants manually extracted from the accounting software and reworked it to generate invoices.
Potential Areas Prone to Mistakes in Manual Invoicing
1. Timesheet copying errors when received in paper or incompatible formats
2. Mathematical calculating mistakes and using wrong data
3. Inability to determine the right billable and billing rates
4. Wrong invoicing categorization for tax purposes
5. Failure to dispatch invoices on time and systematically following up
6. Using unreadable invoice templates that cause confusions
7. Forgetting to include supporting documents where necessary
These are but a few mistakes that can make a big dent in invoicing; there are dozens of more errors that a tired overworked accountant can make. The most serious errors in an invoice ultimately are totally errors that negatively impact the staffing companies revenues and excess payment of taxes.
Automation for Avoiding Invoicing Mistakes
The major reason for invoicing errors is the human factor. Doing repetitive work and juggling with numbers too often and in large volumes tires the human mind. Staffing companies and accounting automation solutions are discovering that by digitalizing the invoicing processing and relegating mathematical calculations to software, it is possible to reduce errors by up to 99.9%. The advantage is not just limited to avoiding mistakes; staffing companies can use automation to save time and a lot of paper too!
Though QuickBooks has been around for a long time and a majority of IT staffing firms use it for billing, the fact is that they lack features specific to this industry. CONSULT, an invoicing automation application especially for the IT staffing industry has greatly helped to solve invoicing problems and save money and efficient use of resources to improve productivity by up to 10X.
How CONSULT Works?
CONSULT is an IT staffing industry standard tool for invoicing and downstream processes and cuts down repetitive human endeavor by almost 90% allowing accountants to focus on core activities.
The application uses a variety of complex AI technologies, algorithms and matrices that eliminate the need for human intervention. From calculating discounts, scheduling invoice submission and tracking customer payments to paying vendors everything can be carried out automatically and more importantly at speeds and accuracies that human efforts can’t match.
CONSULT is a cost-effective invoice automation solution – you don’t have to install the software in your local computer (so no upgrade problems either) or train your accountants (it has the same interface as QuickBooks). It is a SaaS and you pay only for your projected use.
Avoiding invoicing mistakes in the IT staffing industry is as simple as subscribing and integrating an add-on to your QuickBooks accounting software. You can put an end to invoicing mistakes instantly.