If your IT staffing company is wasting a lot of time in processing vendor invoice processing for payment and the first is still following defunct payment authorizing process then it is high time to shift to automated vendor payment processing using a VMS that is compatible with QuickBooks for integration. Not all VMS will readily integrate with QuickBooks; only VMS specialty software like CONSULT offers instant connectivity.
Why Integrate CONSULT VMS with QuickBooks?
If you are running an IT staffing business, chances are you are using QuickBooks for a long time and your accountants and staff are already accustomed to using it efficiently. But the most frequent complaint that IT staffing company accountants make is they lack staffing-invoicing-VMS-specific features in QuickBooks. CONSULT was designed to work in tandem with QuickBooks to enhance its features manifold. Here are three core functional features that can be enhanced with CONSULT.
Timesheet Submission Automation
As we all know, consultants (including subcontractor consultants) often work a long distance away from their offices and submit a timesheet either daily, weekly or on a monthly basis. The timesheet forms the basis for paying the consultants and subcontractors, and also for receiving payment from the hiring customer. All timesheets (maintained by customers, subcontractors and the principal IT staffing company) should match so the payment process concludes smoothly.
When timesheets don’t match, everyone in the loop will be affected because the customer will not pay. It can affect cash flow in the staffing and subcontractor’s offices. CONSULT is tuned to improve cash flow.
Automatic Invoicing Processing
The days of manual invoicing have come to an end. IT staffing firms are increasingly beginning to recognize that a lot of time is being wasted in generating customer invoices. Typically an invoice of moderate complexity when done with QuickBooks can take up to 40+ (depends on the number of consultants and subcontractors) minutes to complete. If your firm has a large customer base then, the invoicing processing alone can consume so much time that leaving little time for the accountant to take care of his obligations.
There is no room for complacency in invoicing processing, because even a minor error can result in payment blocking with a call to revise the invoice. Invoicing is linked to the timesheet and hence plays a pivotal role in successful running of staffing business. CONSULT invoice automation solution helps to deliver bulk invoices and save time enormously.
VMS (Vendor Management System)
VMS is a critically important function, but VMS in the IT staffing industry is so different that the accounting application cannot meet the exacting needs of the staffing firms. With CONSULT integrated into QuickBooks, you can increase accuracy, save processing time and take full advantage of payment scheduling so that you don’t have to bother with the scheduling process.
Integrating CONSULT VMS is a simple process and the developers will provide full support in the process. Your accountant should be able to complete the entire VMS integration in a few minutes and make it operational instantly.