Timesheets form the basis for billing customers and paying consultants and contractors in the IT staffing industry. Timesheets should say everything and should be of a standard format for every consultant and subcontractor. If your firm operates on a pan-America basis with offices and registration in multiple states then capturing and storing timesheets must be scientific (and computer application centric) with a centralized repository from where all your accountants in multiple states can easily access data for invoicing, account receivable management (AR) and vendor payment.
Why should Timesheets be Scientific?
Timesheets have inter-state ramifications that may be subjected to different tax categorizations when projects are located across different states and the same consultant or subcontractors rotate their resources persons from one project location to another from time to time. Every time a consultant is deployed in a different location his billable rates, actual billing rate and perks (and incentives) too will change. Likewise, timesheets will hold the clue to determining the actual discounts for which they qualify.
Capturing data on papers (from consultants and subcontractors) and then transferring it to QuickBooks for invoicing and processing has many pitfalls – data entry operators can go wrong with the numbers, the date, the location where services were delivered and input hours. To avoid errors it is important to depend less on data operators who may be acting mechanically.
CONSULT in Scientific Data Capture
IT staffing companies that want a scientifically sound timesheet capture mechanism directly to their invoicing subscribe to CONSULT invoice automation add-on and integrate it with QuickBooks. CONSULT offers IT staffing businesses reliable and scientific direct access to consultants so that they are able to directly key in timesheet data without any doubtful intermediary point from where timesheets need to be transported from paper form data to a digital environment.
IT staffing companies that want to use QuickBooks will realize that the features in the accounting software are limited and don’t meet the high level of expectations of staffing firms to capture data scientifically in a form conducive to further processing in invoicing and VMS. With CONSULT integration for QuickBooks, your accountant can accomplish scientific timesheet capture at a fraction of the time and cost that manual capture and transfer takes.
Timesheet Validation in CONSULT
One of the main features you will like in CONSULT is the validation feature. IT staffing companies use the built-in AI, algorithm, and matrices to ensure all data is accurate before it is used in different processes such as invoicing, vendor payment, AR processing, and tax return filing.
When timesheet entries are properly validated, error rates are fully voided. This will save IT staffing firms from making excess payments to subcontractors. Your firm will also be protected from lost revenues due to invoicing errors.