Accounts receivable automation can help IT staffing companies to improve their payment receiving process easily by leveraging CONSULT®’s in-built capabilities to generate error-free invoices, keep track of payment processes, schedule bill submissions and integrate with QuickBooks online.
Here is how CONSULT® + QuickBooks AR automation module complement each other’s capabilities to ensure that accurate invoices are presented on time and payments too are received in a hassle-free manner. Let’s start to explore threadbare the features that make this possible.
Getting the Basics Right
The first step anyone will want to take is generating invoices that contain all the requirements customer want: error-free calculations, hourly rate information as per contract terms, discounts allowed for prompt payment or early project completion, timesheet statement submissions, proper categorization and correct tax rates and any other conditions that may have been agreed upon during the course of project implementation. How can this be possible all the time? It is possible, read more and you will know why.
CONSULT® is designed to do this automatically; errors are simply rare because the application is tuned to ensure that invoicing specifications have been followed meticulously before it is generated. You can never go wrong, even if you want to, such is this application designed. Everything you want in your invoices can be preprogrammed: documents to annex, date of submission, expected date of payment receipts, part-pay conditions; discounts if applicable and penalties agreed upon and resolved.
Sending Out Reminders
It is not uncommon even for the best customers to sometimes overshoot the payment deadline and default on the timeframe. Herein comes our automatic reminding feature that is built into the accounts receivable automation software that CONSULT® IT staffing company customers use. The software can be configured to automatically dispatch reminders based on the parameters that you set. To name a few:
- Send a reminder when bills are unpaid on due date as in the invoice
- Set repeat frequency – daily, weekly or monthly depending on the customer
- Set a threshold limit to stop sending reminders for partly paid bills
- Repeat reminders in concordance with a plan
Here is where QuickBooks plays a major role in sending reminders. It automatically compares data with the customers’ payment histories as in the books of accounts which greatly relieves the painful process of checking every other day for payment reconciliation purposes.
Why we Recommend A/R Automation
It is not the purpose of this blog to belittle invoicing teams; it is more about how they work under strained circumstances and get tired of handling invoicing processes. Stressed invoice prepares are more likely to cause errors in invoices that have a debilitating effect in critical functions like getting paid; but how? It is Simple.
Any automation will remove cumbersome and repetitive processes out of the accountants hands – it will automatic mathematical calculations, check a list of documents to annex, check for consistency and contract compliance, cross check with QuickBooks for financial accuracy and ensure that all specifications have been met.
Hope you understand how automation really works in the IT staffing business.
