Unless your IT staffing firm has an elaborate data validation system to stop double entry of invoices, timesheets, payrolls, consultants, subcontractors and vendor payments, it is virtually impossible to track the double-payment problem. It is pertinent to note that a degree of control may be available when a single accountant has total control over every aspect of the timesheet-to-payment string of events. But, this again is not a fail-proof method – putting everything in the hands of a single person.
Introduction to CONSULT
Special software like CONSULT (with VMS) provided protection against double-payment and the protection cover starts at the first instance of a timesheet submission for a project. For an easy understanding of how CONSULT (VMS) invoicing automation software provides full-scale protection against double payment protection, we need to look back in retrospect when IT staffing businesses depended completely on manual financial accounting methods.
During those days, when invoices used to be processed manually, everything used to be under the control of a single individual – he was responsible for receiving timesheets (and auditing), hourly time rate and billable time rate determination, the addition of incentives or deduction due to dereliction of duty, offering discounts to customers and finally authorizing payments to consultants and subcontractors. Accountants had always wanted robust accounting software to make their work easier and QuickBooks provides some relief even to this day. But, this is not enough, considering that IT staffing firms want more features that QuickBooks can’t meet.
CONSULT invoicing is a total invoicing to payment full-cycle 100% financial solution application that when integrated with QuickBooks enhances the accounting software’s features to give a unique experience to IT staffing firm’s accountants. It relieves them completely from accidentally making a duplicate invoice, allowing a repeat credit in the timesheet and making a payment to a vendor for delinquency.
What makes CONSULT such a preferred application for automating customer invoicing to vendor payments a super-application is its innovative methodology, use of high-end technologies and the smart AI-driven algorithm that controls the application and its smart features that IT firms can use without any training to its staff. The application is designed to cut down operational costs dramatically, increase productivity a minimum of 10X and raise profitability by up to 5X.
The algorithm that is unique to CONSULT controls every feature of the application. It can cross check timesheet submissions, pay rates for each individual consultant and subcontracting firms, actual project completion date, and planned completion date, contracting term changes, discount rates for customers and discounts to avail from vendors, manage the best time to pay scenarios, automatically detect and invalidate duplicate subcontractor invoices and finally approve a payment validation after verifying entries in QuickBooks.
CONSULT Invoice Automation Software is the best solution for IT staffing that wants to put an end to financial losses due to double payment problems. It is a cost-effective tool that costs as little as $1/Invoice. The other advantages include freedom from: software install, frequent updates, operator training and work-from-home features. It is a cloud-based SaaS, multi-device capable and remote-work enabled.