IT staffing companies bill their customers weekly, fortnightly or monthly depending on terms negotiated at the time of contracting. In practice, the most common billing cycle is monthly. To get paid at the earliest possible you must be up and ready with your invoices on the morning of the first working day of the month. If you have a large number of customers that your business services, the invoicing process can be really debilitating for the accountants or invoice preparers.
In a manual invoicing IT staffing company, you will see accountants running from pillar to post trying to consolidate all the essential inputs for the invoice and many on the phone calling up delinquent consultants who have not submitted their timesheets. Every minute is important on the first couple of days. If the timesheet has not arrived, your billing process is likely to stagnate.
First comes timesheets; preparing the invoice comes next and dispatch comes as the last step. Ideally a simple invoicing can take up to 40+ minutes and more complex invoicing involving cross-state staffing service involving 2 or 3 or even more states can be a really mind boggling task even for the most experienced accountant or invoice preparer. Accountants say that the task is unenviable because for any error they will be held responsible.
In recent years, IT staffing companies have been trying to automate the entire invoicing process beginning with timesheet submission to final payment realization by developing in-house special software that can cost a fortune. The drawback with using proprietary software is not limited to costing alone; it has to be regularly updated, staff trained and the budget amount provided whenever a change is made to hardware or other software.
To come around this problem, IT staffing companies are discovering CONSULT for empowering their accounts department with automation. CONSULT is an invoice automation application made especially for the IT staffing companies to solve the timesheet to payment string of activities with a centralized dashboard control. CONSULT works along with QuickBooks to enhance many features that QuickBooks can’t accomplish by itself.
Unlike the invoicing process done in QuickBooks by manually extracting data for the invoice, CONSULT’s complex algorithms derive information from QuickBooks and with its own sophisticated database to generate invoices with just a few commands. CONSULT’s sophisticated algorithm provides relief to accountants and invoice preparers who have to exert and strain for dispatching invoices simultaneously. Whether it is one invoice or a hundred, the procedures are the same.
CONSULT is a force multiplier that can potentially raise invoicing output by a factor of 10X, and more importantly you can expect consistent zero-error invoices, 100% customer compliance, automatic PDF format invoices for email dispatch and time saving on a large scale.
IT staffing companies are also taking advantage of the cloud-based multi-device capable CONSULT invoice automation application for empowering its accountants to work from home to ensure that the pandemic does not hit productivity in the accounts department. One of the other major collateral benefits that the application offers is its competitive pricing – for $1/Invoice it is the most cost-effective solution in the market.