Manual and QuickBooks-assisted invoicing processing has an extensive learning curve when used in the IT staffing business.
First, you have to master the intricacies associated with the timesheets (including designing the format as per customer specification); validating timesheet submission by matching it with customer timesheet records, and finally approving the timesheet submissions as fit for drafting a customer invoice.
Secondly, your accountant must be a competent professional with a good grasp of tax laws across all states and be able to categorize an invoice for applying the right tax rate in the invoice. It is important to note that wrong categorization can lead to excess tax payment. A single invoice in its most complicated form will involve: two or more states, consultants domiciled in multiple states and taxable differently and a single project located across many states. There is also the possibility of more complex scenarios that accountants face often, such as multiple subcontractors, for example.
Thirdly invoicing processing does not stop with the dispatch of invoices; many times accountants might be called upon to rectify errors in the original invoices or even redraft an invoice. This again needs extensive learning about areas that need focus to avoid mistakes. In a nutshell, the billing task in the IT staffing firm can be tough for accountants. But the silver lining is that every aspect of the billing process can be automated with CONSULT.
What is CONSULT?
What accountants do in IT staffing firm QuickBooks-assisted billing process is, get financial information and rudimentary manually-entered timesheet and then prepare the invoice with inputs from paper files. This does not help accountants much; they will still have to remember tax rates for each state; validate timesheets manually and then start to draft the invoice. A sky-high complex invoice can even consume a full day’s work.
CONSULT is an add-on application for QuickBooks and relieves accountants from memorizing information or extracting from other sources. The application can be populated with information that can be re-circulated without having to be validated again and again. A typical example is tax categorization that can be validated and kept ready so that the accountant will not have to consult tax schedules to make an entry in the invoice. Likewise, CONSULT eliminates doing repeat work again and again. This is possible because it uses advanced AI technologies that are guaranteed never to go wrong.
CONSULT’s No-learning-curve Advantages
CONSULT was made to give accountants cutting-edge advantages by reducing the learning curve to zero-level. Any accountant with elementary financial knowledge about billing can start to generate professional IT staffing business compliant complex customer invoices in less than 24 hours. There is nothing to call a learning curve at all; it is a get-set-go type of application that provides 100% automation.
IT staffing company accountants can easily increase their productivity by up to 5X or even more. The application is guaranteed to bring down stress levels enormously and empower accountants to take up other pressing endeavors in the accounts department.
IT staffing firms are also able to save up to 50% on current expenditure on invoicing processing.