If you are an accountant working in an IT staffing business, then, little we need to tell you why maintaining good cash flow is important for your organization’s financial health. Without maintaining proper cash flow, your ability to service obligation will be stymied and your business managers will come under intense pressure to seek bank funding. The more you borrow the more still you will want to depend on banks. At the end of the day, your organization will have coughed out most of its profits servicing the borrowed money.
The most common reason for poor cash flow is that organizations don’t show enough enthusiasm in the AR process (accounts receivable). There are multiple reasons why AR is such an overwhelming task. Often the reason can be traced to a few defects within the working of the staffing company’s accounts department. It is not the writer’s intention to shift the blame on the accountants, it is more because they are overburdened and doing an unenviable job. It is most repeating a procedure often with numbers, billing rates, billable rates, discounts and taxes varying from invoice to invoice.
Bringing in AR, Invoicing, VMS Automation
Automation can bring about dramatic changes to the AR process if only the staffing firm is willing to adopt automation in its entirety and implement it in the organization with zeal, energy and force. Automating the accounts maintenance process is no rocket science and you don’t need to send your accountants back to business schools to do it painlessly.
One of the better known ready-to-implement invoicing (and VMS) and AR automation in the IT staffing industry is CONSULT. It comes as a readily-packaged cloud-based SaaS offering that can be integrated with QuickBooks without much effort. The integration takes little time to achieve and you can seek the developer’s experts to achieve it.
The Benefits of CONSULT in Achieving 100% Cash Flow Perfection
1. All your invoices will be automatically generated by CONSULT – perfect timesheets, tax categorization, preplanned auto invoice dispatch, preprogrammed customer payment reminder and VMS are but a few processes that can be done without much human intervention.
2. Your organization is assured of 100% invoice accuracy that will stop the customers from returning defective bills – accurate invoices get top customer priority when payment processing time commences.
3. Accountants will benefit from less time spent on manually entering timesheets because they will be directly captured by CONSULT and authenticated before invoicing process begins.
4. CONSULT works as an add-on to QuickBooks and enhances the features to the expectation of IT staffing customers. CONSULT is designed to the exacting needs of QuickBooks and has the same familiar user interface that makes it easy for the bookkeepers to master it.
Consult is a cost-effective solution – does not require any hardware purchase, installation charges,or frequent software upgrade. It is a value for money solution every IT staffing company must have to increase productivity and increase profit level.
