In QuickBooks, there are potentially three points where invoice preparers are most likely to make a mistake: Timesheet reconciliation, discount calculation and tax categorization. These are the most challenging areas in invoicing because when a mistake creeps in these core areas, the entire billing exercise has to be redone from ground up – it entails lost time and loss of revenue to the IT staffing firm.
We don’t have to tell why bills should be error free. Bills with errors, we all know lead to customer rejection and delayed payments leading to cash flow disruptions. Accountants are aware that – timesheets, discounts and taxes are major trouble areas and invoicing automation software can guarantee a perfect invoice. QuickBooks accounting, the most commonly used accounting automation software in the IT staffing business does not meet the exacting standards set for invoicing and to make it powerful, it must be enhanced with an automation application such as CONSULT to provide more teeth to automated invoicing automation.
How Invoicing Processing Automation Software Helps Eliminate Billing Errors?
CONSULT is a cloud-based, AI-driven, SaaS model that your firm can subscribe for as little as $1/Invoice. It can be integrated with QuickBooks even by accountants with only a basic knowledge of accounting software.
- Most billing errors occur when an accountant manually enters data into software for invoice generation. Oversight, tiredness or plain lethargy can corrupt data resulting in defective invoices. When the same process is done in an automated environment in a special Invoicing Processing Automation Software (CONSULT) integrated with QuickBooks, there is virtually no scope for errors. This is because the application imports the data directly and uses it in the invoice generation process.
- The second most common venue for errors is in discount calculation. Discounts can be multiple types – some diminish, while others increase and still others work on the basis of a certain event taking place, such an increase in volume, higher productivity or accelerated project completion. Likewise a discount may also turn into an incentive that the customer will pay for performing better than set benchmarks. These are but a few examples that accountants can potentially forget and cause a loss. Automation can help firms from providing unwarranted discounts and failing to claim an incentive.
- The third most troubling errors occur in tax categorization. IT staffing firms are reputed to lose up to 3% of their revenue because of wrong tax rate applications. If the accountant applies a higher tax rate, it is a loss that is difficult to recover, if it is lower, you get into trouble with tax authorities and end up paying penal levies. In CONSULT tax categorization is automatic; it can calculate taxes accurately even in extremely complex scenarios and save the firm from potential losses.
QuickBooks accounting, the most commonly used accounting automation software in the IT staffing business does not meet the exacting standards set for invoicing and to make it powerful, it must be enhanced with an automation application such as CONSULT to provide more teeth to automated invoicing automation.