Timesheet entries have to be precise and truthful so that all downstream invoicing processes are accurate as well and make it easy for your customers to process your invoice without any hitch. When customers demand that you annex copies of timesheets (for each consultant and subcontractors) it is your accountant’s bounden duty to do follow the instruction without fail. The timesheet is the basic document in the invoicing process for IT staffing companies and any error at this point will be carried down the stream affecting the staffing company’s payment receipts.
Here are five known factors that can affect timesheet entries due to human errors.
1. Mention project name and location accurately in the timesheet. It is common for many customers to be involved in multiple projects within a state and outside, and your consultant could possibly be deployed and rotated from one place to another in different projects. If the timesheet you submit does not clearly mention the consultants’ names, project names and location, it can lead to complications. Your customers will potentially be left in the lurch wondering and trying to figure out the billing and billing rates to apply. You can avoid this confusion with an add-on for your QuickBooks accounting software.
2. Ensure that each timesheet is properly date stamped and has been dispatched along with the invoice as per agreed upon terms. Please remember that it is easy to go wrong with dates as mentioned in the timesheet submission of our consultant with that in your records and with that of your customers. Automate and match every other factor, including project details. It not only makes it easy for your customer to process your bills but also lessens their burden. Automation helps here too by authenticating the date with other factors.
3. Billing rates and billable rates must be clearly mentioned in the invoice in a conspicuous location. The two rates are different and can change from project to project, consultant to consultant and state to state where the consultant is deployed. In complex scenarios, your consultant will be moved from state to state making an impact on invoice categorization for tax purposes.
4. Perks and allowances must be clearly mentioned in the timesheet itself once it has been received from the consultant. If any changes need to be made then this fact should be available in the invoice. It should not be presumed that the customer’s accountant will guess it right always. Leave nothing to chance or memory. Automation has helped small and big IT staffing firms keep a clear record and it can help you too.
5. Categorize the timesheet and properly relate it to a proper numbering system. The invoice numbering system in QuickBooks may not be adequate to meet complex scenarios that emerge in IT staffing projects. When timesheets are properly numbered and made easy to compare, complexities can be removed and simplified. Automation helps simplify processes and remove stress in accountants.
Timesheet entries have to be precise and truthful so that all downstream invoicing processes are accurate as well and make it easy for your customers to process your invoice without any hitch.
IT staffing companies are increasingly integrating CONSULT Invoice Automation Software to QuickBooks and ensuring that all factors in invoicing are clearly met as per acceptable standards. CONSULT is a 100% full-scale automation designed for the IT staffing industry.