Consultant timesheets form the frontline documents based on which invoicing is done. When an IT staffing company bills a customer, one of the first few documents that they look for is the timesheet. A major project with dozens of consultants and subcontractors working on a single project can be challenging for accountants when they prepare the invoice. It is not uncommon to overlook a timesheet especially in a manual or semi-manual invoicing process.
Manual invoicing is making way for automation and QuickBooks users in IT staffing businesses are adopting automation tools for preventing errors due to human factors. The chief objective of automating invoice generation is making invoices accurate and dispatches easier. It is estimated that IT staffing businesses can save up to 50% of the money they spend on manual invoicing.
Automated Timesheet Advantages
Timesheets are not the only documents that can go amiss in the manual invoicing process; other documents such as a rewritten contract with payment escalation might also be missed. A missed timesheet entry or a contract with a payment escalation clause to the staffing company’s advantage can end up in a loss. Detecting a missed timesheet or an advantageous provision in a revised contract is difficult to locate.
Automated timesheets offer consultants and subcontractors a convenient way of submitting their timesheets on time. The need for sending a copy by mail or even by email is not necessary – it is as simple as logging into CONSULT® remotely and making necessary entries on a form.
Yet another advantage of invoice automation is consultants and subcontractors don’t have to wait till the last day of the project to be completed. Entries can be made as and when possible and updated at periodical intervals to avoid last-minute submission hassle.
How to Ensure Zero-revenue Loss?
The simplest solution to stop missing timesheet entries is to go in for an invoicing automation application like CONSULT®. CONSULT® is an invoicing and VMS-capable solution designed for integrated use with QuickBooks. It offers IT staffing companies an automated invoicing solution that can generate accurate invoices, track payment receipts (using QuickBooks) and timesheet submission, classify invoices for proper tax rates and give the invoice preparers a 3600 view of all invoicing processes.
Since every step in CONSULT is software controlled and the possibilities of missing a timesheet entry or an advantageous revised contract are eliminated. You can create a checklist that will automatically ensure that no timesheet or contract advantage has been missed.
CONSULT® can be configured to your convenience – you can decide the dates for generating invoices and dispatching by email for example. Customers are also taking advantage of many other features that save money on paying for professional employees who charge by the hour. Typically CONSULT® can save as much as 60% for a complex invoice and higher for a moderate invoice even more.