Timesheets are the starting point for invoicing processing in the IT staffing business; if you go wrong here, expect your invoice to be totally wrong. Here are two points that provide the loopholes for errors to creep in when using the manual invoicing process:
Your remote consultant submitted a timesheet on paper and dispatched it to the firm’s office. One of your tired employees in the accounts department entrusted with making timesheet entries makes entries and even does a crosscheck to ensure the submission is accurate, but she did not know that it contained a couple of errors related to hours worked. This is what typically happens in an accounts department that still has not automated invoicing processing.
Had she used an automated remote-enabled consultant timesheet, not only she would have been saved from the trouble of making manual entries, but also would have saved herself from trying to locate the point of error.
Billing rate and billable rates can potentially be different and if the accountant has taken note of this at the time of making an entry in a manual invoicing process, the ultimate invoice will be rejected by the customer. This again poses a strategic problem, the customer refuses to pay the bill and your accountant goes through the entire process trying to figure out where the mistake had happened.
While these types of mistakes are common in the IT staffing industry, your firm doesn’t have to live with them and suffer from wasted time and delayed payments. Delayed payment is the chief reason why cash flow is stifled in organizations.
AI Automation for 100% Invoicing Accuracy Assurance
Your firm can prevent mistakes totally in the invoicing process by automating the timesheet receiving process by integrating CONSULT an invoicing automation software from Atkku with the firm’s QuickBooks accounting application. It is simple and easy and can be done in as little as one hour. There are no expensive software to download or special hardware to buy and get it running. It is a 100% cloud-delivered SaaS application.
You should prefer CONSULT, because it uses AI technologies specially developed for invoicing and downstream processes. It has arrays of algorithms and matrices that keep a tight control on the invoicing processes and even a minor mistake cannot escape, and more important everything happens at lightning speed.
If timesheets are captured automatically using AI technologies, your firm can be sure about their invoices being 100%. Unlike manual invoicing, the scope for errors in automatically captured timesheets is zero.
AI Controls in CONSULT
Since CONSULT is controlled by AI processes, every step – tax rates, billing Vs billable rates, discount calculations, invoice numbering, upfront expenses deductions and dozens of other inputs are checked before the invoice generation process starts. AI has other benefits to offer: your accountants can schedule automated email invoice dispatch; A/R teams can monitor payment receipts using the dashboard and overall give the firm a one-point full control.