It is the usual practice in IT staffing firms to pay vendors (including consultants and subcontractors) after detailed manual scrutiny based on timesheet submissions and their accounts as available in the office QuickBooks accounting application. This means checking multiples of COA and crediting or debiting the vendors’ accounts before payment is authorized.
When vendor payment is managed this way, the firm may at times end up paying an excess amount and miss debits that have to be held back for one or other reasons. Since a single accountant may be tasked with processing payment for dozens or even hundreds of consultants and vendors, the chances of going wrong somewhere are high. Once payment has escaped, the opportunities for recovering it are few; generally the staffing firms have to write it off as irrecoverable at the end of the financial year and record it as a loss. IT staffing firms are reputed to lose substantially due to manually processing vendor payments.
IT staffing firms are increasingly integrating CONSULT (automatic invoicing and vendor management system) with QuickBooks to prevent accidental excess payments. The entire process is carried out automatically and can save a lot of money. In the automated invoice processing software all processing is done in the background and final payment is determined. It takes only a few minutes to process hundreds of accountants at enormous speed.
What Makes CONSULT-QuickBooks Integration Work?
The most important role of CONSULT is to provide enhancements to QuickBooks’ features that don’t meet the IT staffing firms’ accountants’ expectations. By vetting all data, the combo sends only the latest and the most accurate data for the final payment decision. It authenticates all inputs: timesheet approval, billing validation, tax categorization, credits and debits entries, upfront payments, post-contract increase or decrease of payments and discount rates to be given by subcontractors.
When every potential input data’s integrity is assured, the possibility of even a single error in payment processing is eliminated. This is a major advantage for accountants who will otherwise have to repeatedly check the final payment authorizations.
Since a single accountant may be tasked with processing payment for dozens or even hundreds of consultants and vendors, the chances of going wrong somewhere are high. IT staffing firms are increasingly integrating CONSULT (automatic invoicing and vendor management system) with QuickBooks to prevent accidental excess payments. The entire process is carried out automatically and can save a lot of money.
The Technology Advantage of CONSULT
CONSULT was developed to make invoicing and VMS simpler for accountants who have consistently been demanding 100% invoicing and VMS automation software that can be easily integrated with QuickBooks to give a seamless working experience. It uses complex AI technologies, algorithms and matrices conceptualized by accounting automation experts who understand the IT staffing business operations cycle.
CONSULT is designed to promote lean operation preparedness so that organizations don’t waste their financial resources on doing things the roundabout way using expensive human resources. Potentially an IT staffing firm can expect to bring down invoicing and VMS expenses by up to 80% in as little as a few weeks of subscribing to CONSULT.