If you are operating an IT staffing business and 2020 has been a problem year with cash flow, then this is the time to put things in order and achieve streamlined cash flow this year. Streamlining cash flow is no magic; it is all about giving your AR team in the accounts department a fresh impetus by arming it with an invoicing tool that will ensure proper cash flow in the organization.
It is pertinent to note that invoicing is not just about generating invoices after invoices; it is about generating invoices that make your customers pay without complaining about the quality of the invoices that you send them. It simply means your invoices must not only meet the accounting standards generally followed in the IT staffing industry but also exceed customer expectations in terms of convenience of processing. It should be amenable to machine processing and capable of being dispatched by electronic means – PDF file format for email dispatch for example.
Let’s begin with the timesheet submission process (one of the most critical areas where problems and errors can creep in). If you are still following the age-old method of extracting financial details from your QuickBooks software and then manually comparing it with a paper-submitted timesheet, then you are sure to experience some degree of difficulties especially with accuracy because you are using your accountants’ vigil and attention ability to achieve perfection. Ideally, this is not a bad proposition but it never works in a practical setting – remember that your accountants are humans and they are all prone to tire and make mistakes – it is simply impossible to correct, but automation can solve this problem impeccably.
As you will have seen in the working of IT staffing firms, invoicing errors pose the biggest challenge against getting paid faster and improving cash flow. Organizations cannot achieve cash flow stability with patch-work software that doesn’t address the root problem. It is important to use a full-cycle automation application like CONSULT to achieve 100% cash flow consistency within the realms of QuickBooks.
CONSULT is a full-fledged invoicing to VMS automation application especially made for IT staffing companies to achieve perfection in the cash flow cycle and protect firms from paying excess taxes, double payments, offering unwarranted discounts and automatically processing vendor bills on a scientific basis. To achieve these objectives, CONSULT uses high-tech AI technologies, complex matrices and algorithms. It is an application that channelizes your accountants’ energy and time on processes that cannot be carried out without human attention.
Your staffing company can achieve higher productivity and rake in more profits in the year 2021 in spite of the pandemic causing so much fear and havoc – CONSULT is also a remote empowerment tool that you use to encourage employees to part work from home or office. It is a highly efficient tool that staffing companies are beginning to discover for raising their profit levels. Why not give it a try; it cost as little as $1/Invoice.