Most IT staffing companies use QuickBooks as their all-in-one accounting solution for generating invoices, preparing financial statements, sending reminders for non-payment of bills, processing vendor bills (VMS), timesheet entries, and other functions in a complex business environment. QuickBooks is general accounting software that does not address any specific industry needs and users have special requirements to develop their own application and automate a few processes that are essential for efficiently running their business.
The crux of the matter with developing software is that it is expensive and too narrow in approach to automation objectives. When the business starts to expand, the developing process has to start again from scratch with another round of expenses, investment in training, and hardware upgrades. It is an expensive process that repeats too frequently. This, though not necessary, is the strategy followed by companies with a lot of money to spare.
Smaller and mid-size businesses (especially IT staffing companies) don’t have this luxury of ordering automation software like this. For them, a more practical approach to getting the same level of automation (and even better) is to choose industry-specific automation software such as CONSULT® for achieving high levels of accuracy in invoicing, VMS, and other related processes.
Why CONSULT® for QuickBooks
As we said earlier, QuickBooks was developed with a view to meet the software requirements of a vast majority of users across multiple industries, but it needs fillips here and there to meet specific requirements like invoicing, in the IT staffing business. IT staffing companies lose a substantial part of their $ earnings because of the non-availability of any specific easily accessible software for invoicing. CONSULT® seeks to correct this in myriad ways.
- CONSULT® is an invoicing automation tool – it can generate invoices by using data available in QuickBooks and using it along with other data stored in CONSULT®.
- CONSULT® will keep a tab on all invoices you send to your customers and constantly send reminders if not paid on the due date by comparing the data available in the QuickBooks environment.
- CONSULT® uses timesheet entries to make a detailed calculation for generating invoices. Since there is no manual entry involved, the chances of errors in the final invoice are eliminated completely.
- CONSULT® can also be used for processing vendor invoices. Since vendor invoices are processed with data available in QuickBooks, you are assured of an error-free automated vendor payment process.
These are but a few benefits you will experience.
Looking Beyond Invoicing
Our smart customers also use CONSULT® in management accounting processes. Here are a few uses for it.
- Calculating the average time customers take to pay invoices
- Framing the discount policy for each customer separately
- Planning customer acquisition programs for future years
- Customer retention planning for future years
- Identifying delinquent customers in advance
- Tax optimization planning