IT staffing firms can improve all-round efficiency in their accounting department in 5 simple steps. Here are the steps to take:
1. Automate the timesheet procedures. Timesheet submission and validation are two processes that are reputed to consume a lot of the accountants’ time when done manually. When you automate your accounts will spend less time validating the data because the invoice automation application will do it at a high speed. It can automatically reconcile the data you already have with the information that is in the timesheet.
In an automated invoicing environment there is no paper to handle or any entries to make – everything is carried out digitally and what you get is an accurate up-to-date data that can straightaway be consigned to the next procedure.
2. Automate the discount calculation procedure. Calculating discounts can not only take a lot of an accountant’s but also make the final invoice prone to errors. This is because offering a discount is not a standard procedure, but a customer-centric task that has to be done after taking into consideration dozens of factors.
Discount calculation is a hotspot for going wrong not only with numbers but also against good business relationship building with customers. In an automated invoicing scenario, accountants have little work to do; discount rate determination and incentive realization are all done automatically. It is a super time saver.
3. Automate Invoice Generation and Schedule Dispatch. If your firm wishes to be paid at the earliest, it has to dispatch the invoice to the customer on time. Dispatching by mail is a long process that can potentially delay delivery to a customer. A better way to ensure instant delivery is to send it by email.
In automated invoice dispatch systems, you can schedule both generation and dispatch according to a plan. You can preview the invoice on the computer and get it vetted by the A/R team so that you become familiar with the content. If the need arises, invoices can be reset and generated with minimum effort.
4. Automate A/R Procedures. A/R teams that don’t have automated customer payment reminder features in their QuickBooks spend a good part of their time calling customers on the phone and requesting payments. This is not only an ineffective method but also wastes the teams’ time. Typically team members waste upward of 40% of their time in calling customers and enquiring about the firm’s invoice payment status. There is a better way however.
In an automated invoicing system, the reminding process is left to the application that will send reminder email as per your plan. Since the reminding automation task is linked to the QuickBooks application, the reminding process will stop as soon as the customer’s account is credited.
5. Install CONSULT, the invoicing automation application that can be integrated with QuickBooks to empower accountants to increase productivity by at least 3X. CONSULT is an add-on that has been specially made for IT staffing businesses that want to increase the power of QuickBooks by 4X instantly.