How to manage Accounts Payable efficiently with Integrated VMS?

In the IT staffing industry, the most often accounts payable are of consultants and subcontractors. The most common practice (in manual method) to pay is to determine the payable amount by referring to the respective consultant’s timesheet, perks for which they are qualified and any past dues that need to be adjusted in the current payment cycle. It is sometimes possible that the consultant was paid an upfront fee and it has to be recovered in the current payment (or has requested for an upfront payment to which he is qualified). The accountant entrusted with the task depends on QuickBooks for all related data.

The innumerable heads of accounts – tax deduction, leave of absence and penalties that may have to be taken into consideration before the money is transferred to the consultants’ banking accounts. The whole system is a maze by nature; a small point that an accountant misses can result in substantial loss to the IT staffing company. Most often, by the time the mistake is discovered, the consultant may have left the organization and the chances of recovering excess payments are lost.

Importance of Automation in Accounts Payable Processing

Since each IT staffing business may be dealing with 50 or 60, or more consultants across multiples of customers and each consultant being constantly shifted and deployed in various projects, it becomes a fertile ground for utter confusion. For the human mind it is simply impossible to track so many individuals and still process the payment on time.

Automating the accounts payable process by integrating CONSULT invoice automation software with the most often used QuickBooks accounting software can totally put an end to the confusion, excess payment (or under payment) and time delays. CONSULT is not only highly acclaimed software for invoicing processing but is also a powerful vendor management system that was designed and developed with the complexities of the IT staffing accounting environment in mind.

Why Integrate CONSULT VMS with QuickBooks?

The simplest reason why IT Staffing companies integrate CONSULT (with VMS) with QuickBooks is that QB is a generalized accounting application and does not meet the specific needs of the IT staffing business requirements. CONSULT fills the vacuum effectively with enhancement features that are essential for the efficient operation of accounts payable processing needs of the staffing companies.

It is all advantageous for the accountant when CONSULT and QuickBooks are integrated – each supplement the other for data and features to make the payable process simpler, safer and faster.

Here a few reasons why CONSULT is a better solution instead of opting for customized payables processing software.

  • No software development or installation process involved
  • No expenses on training or upgrading software often
  • No expenditure on software maintenance staff
  • You pay only for what you use in CONSULT
  • You don’t have to bother about upgrades
  • CONSULT is cloud-based and multi-device compatible
  • CONSULT is remote-working enabled for higher productivity
  • Round the clock availability is ensured

With the CONSULT-QuickBooks combination, you can expect up to 10X improvement in productivity and efficiency, but that is not the end of the story; it will ensure that your organization does not overpay even a cent in excess of legitimate payment.

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