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5 Known factors that could affect your timesheet entries

Timesheet entries have to be precise and truthful so that all downstream invoicing processes are accurate as well and make it easy for your customers to process your invoice without any hitch. When customers demand that you annex copies of timesheets (for each consultant and subcontractors) it is your accountant’s bounden duty to do follow the instruction without fail. The timesheet is the basic document in the invoicing process for IT staffing companies and any error at this point will be carried down the stream affecting the staffing company’s payment receipts.

Here are five known factors that can affect timesheet entries due to human errors.

1. Mention project name and location accurately in the timesheet. It is common for many customers to be involved in multiple projects within a state and outside, and your consultant could possibly be deployed and rotated from one place to another in different projects. If the timesheet you submit does not clearly mention the consultants’ names, project names and location, it can lead to complications. Your customers will potentially be left in the lurch wondering and trying to figure out the billing and billing rates to apply. You can avoid this confusion with an add-on for your QuickBooks accounting software.

2. Ensure that each timesheet is properly date stamped and has been dispatched along with the invoice as per agreed upon terms. Please remember that it is easy to go wrong with dates as mentioned in the timesheet submission of our consultant with that in your records and with that of your customers. Automate and match every other factor, including project details. It not only makes it easy for your customer to process your bills but also lessens their burden. Automation helps here too by authenticating the date with other factors.

3. Billing rates and billable rates must be clearly mentioned in the invoice in a conspicuous location. The two rates are different and can change from project to project, consultant to consultant and state to state where the consultant is deployed. In complex scenarios, your consultant will be moved from state to state making an impact on invoice categorization for tax purposes.

4. Perks and allowances must be clearly mentioned in the timesheet itself once it has been received from the consultant. If any changes need to be made then this fact should be available in the invoice. It should not be presumed that the customer’s accountant will guess it right always. Leave nothing to chance or memory. Automation has helped small and big IT staffing firms keep a clear record and it can help you too.

5. Categorize the timesheet and properly relate it to a proper numbering system. The invoice numbering system in QuickBooks may not be adequate to meet complex scenarios that emerge in IT staffing projects. When timesheets are properly numbered and made easy to compare, complexities can be removed and simplified. Automation helps simplify processes and remove stress in accountants.

Timesheet entries have to be precise and truthful so that all downstream invoicing processes are accurate as well and make it easy for your customers to process your invoice without any hitch.

IT staffing companies are increasingly integrating CONSULT Invoice Automation Software to QuickBooks and ensuring that all factors in invoicing are clearly met as per acceptable standards. CONSULT is a 100% full-scale automation designed for the IT staffing industry.

Why do you need to Automate QuickBooks?

It is common knowledge that approximately 80% of IT staffing businesses use QuickBooks as their mainstay accounting software and due to its wide use across many businesses, finding an accountant skilled in using this software is easy. However, QuickBooks is not an all-encompassing accounting application for IT staffing firms. To make it powerful enough for the staffing business, its features need to be enhanced with an add-on specially made for the accounting software.

Ordering a custom enrichment application for each feature is not only technically ineffective but also cumbersome and expensive that makes it beyond the financial reach of many staffing service providers; add to this updating and training expenses, customization will become unviable even for bigger staffing firms. What a majority of staffing firms (including enterprise-level operators) need is software that does not require a local installation, is priced reasonably and offers intuitive navigation for accountants.

A Tool Especially Made for IT Staffing

CONSULT, a cloud-based, pay-per-invoicing application (requires a minimum purchase) was developed in this context to fulfill QuickBooks’ additional IT staffing-specific invoicing needs. It can handle virtually all features that QuickBooks can’t deliver – it can automatically capture consultant timesheet submission, offer discounts based on complex scenarios, calculate deductions during vendor payment processing, categorize invoices for tax purposes and even work as a customer acquisition planning system.

The main reason to automate QuickBooks application with CONSULT is not limited to enriching the features; it goes far beyond and performs as a time saver and productivity improver. Resourceful accountants can also use the CONSULT-QuickBooks combination for tax planning, choosing consultants from multiple states, and evaluating subcontractors for specific customer projects.

The Advantages of Automating with CONSULT

The first reason why IT staffing firms use CONSULT is the extreme accuracy offers; your firm will be able to generate 10X times more than the usual invoices produced manually, bring down errors to zero-level, assist the AR team to achieve 100% receivables success, automatically track payment delinquencies, send invoices and schedule reminders as per plan.

What a majority of staffing firms (including enterprise-level operators) need is software that does not require a local installation, is priced reasonably and offers intuitive navigation for accountants. CONSULT, a cloud-based, pay-per-invoicing (requires a minimum purchase) application was developed in this context to fulfill QuickBooks’ additional IT staffing-specific invoicing needs.

Here are a few secondary reasons to integrate CONSULT and QuickBooks:

This is not an end of features that CONSULT can and QuickBooks can’t. There are more that you can explore to enrich your firm’s accounting department’s performance.

Empowers employees to work from home and improve exigency requirements

Enable multiple device login and logout for timesheet submission

Reduce paperwork to its barest possible

Schedule invoice dispatch as per plan

Monitor customer payments that border on delinquency

Reminder consultant to promptly send in their timesheets

Pick an invoice from among 200+ templates to reflect your firm’s brand image

Relieve accountants from invoicing related stress

Put an end to accountants performing mundane jobs and use the time for core purposes

How to avoid invoicing mistakes in 2021 for better accounting efficiency?

The year 2021 should be considered a watershed year of the IT staffing business. This year staffing companies are beginning to realize that full-scale accounting automation can bring in efficiency in all the functional areas of staffing company operations. The first among core areas that are receiving full attention is invoicing processing starting with timesheet submission and the stream of processes that follow till the end of VMS.

The reason why invoicing is receiving so much attention is the dawning on IT staffing financial managers that over the past they have lost heavily because of shortcomings in the invoicing process which was done mostly manually using QuickBooks. The use of add-ons for invoicing was unheard of and accountants manually extracted from the accounting software and reworked it to generate invoices.

Potential Areas Prone to Mistakes in Manual Invoicing

1. Timesheet copying errors when received in paper or incompatible formats

2. Mathematical calculating mistakes and using wrong data

3. Inability to determine the right billable and billing rates

4. Wrong invoicing categorization for tax purposes

5. Failure to dispatch invoices on time and systematically following up

6. Using unreadable invoice templates that cause confusions

7. Forgetting to include supporting documents where necessary

These are but a few mistakes that can make a big dent in invoicing; there are dozens of more errors that a tired overworked accountant can make. The most serious errors in an invoice ultimately are totally errors that negatively impact the staffing companies revenues and excess payment of taxes.

Automation for Avoiding Invoicing Mistakes

The major reason for invoicing errors is the human factor. Doing repetitive work and juggling with numbers too often and in large volumes tires the human mind. Staffing companies and accounting automation solutions are discovering that by digitalizing the invoicing processing and relegating mathematical calculations to software, it is possible to reduce errors by up to 99.9%. The advantage is not just limited to avoiding mistakes; staffing companies can use automation to save time and a lot of paper too!

Though QuickBooks has been around for a long time and a majority of IT staffing firms use it for billing, the fact is that they lack features specific to this industry. CONSULT, an invoicing automation application especially for the IT staffing industry has greatly helped to solve invoicing problems and save money and efficient use of resources to improve productivity by up to 10X.

How CONSULT Works?

CONSULT is an IT staffing industry standard tool for invoicing and downstream processes and cuts down repetitive human endeavor by almost 90% allowing accountants to focus on core activities.

The application uses a variety of complex AI technologies, algorithms and matrices that eliminate the need for human intervention. From calculating discounts, scheduling invoice submission and tracking customer payments to paying vendors everything can be carried out automatically and more importantly at speeds and accuracies that human efforts can’t match.

CONSULT is a cost-effective invoice automation solution – you don’t have to install the software in your local computer (so no upgrade problems either) or train your accountants (it has the same interface as QuickBooks). It is a SaaS and you pay only for your projected use.

Avoiding invoicing mistakes in the IT staffing industry is as simple as subscribing and integrating an add-on to your QuickBooks accounting software. You can put an end to invoicing mistakes instantly.

How to enhance QuickBooks invoicing capabilities?

QuickBooks is perhaps the most popular accounting automation software for most business establishments. Because of its wide acceptance, accountants are willing to compromise on features that are not (or below expectations) available in it. However, it should be noted that QuickBooks capabilities can be enhanced with add-ons and configurations to meet specific industry requirements. The IT staffing industry is no exception to this rule – accountants add a few patch programs and make it a little more workable.

Adding patches too often (or removing) only adds to the problems that IT staffing firms face in QuickBooks invoicing. The best way to find a permanent solution for all IT staffing firms’ expectations is by adding a total invoicing solution like CONSULT that has been developed exclusively for increasing QuickBooks capabilities. It works with such precision and accuracy using the same type of interface as in QuickBooks to give users a familiar touch and feel. Even an experienced QuickBooks accountant will not know that an add-on is working behind the scene to make his work simpler and easy.

CONSULT invoice automation software was developed as QuickBooks feature enrichment add-on software (cloud-based application delivered as SaaS) that is not otherwise available in it. It is a force multiplier that can increase productivity by up to 5X and reduce invoicing time to as little as 10% of QuickBooks without CONSULT. Here are a few capability-enhancements that IT staffing firm accountants will get by integrating QuickBooks and CONSULT.

Some Capabilities Enhancements (Just the Tip of the Iceberg)

1. Direct consultant timesheet submission in digital format for easy validation and authentication. This capability makes submissions faster, error-free and cost-effective. Faster means, higher productivity, error-free means quick customer processing and payments and cost-effective means higher ROI that the firm can add to its profits. Another collateral advantage is that data can be circulated within the organization when it can be accessed with CONSULT safely leaving little scope for unhealthy intrusions and manipulations.

2. QuickBooks’ invoicing capabilities go up when CONSULT has done most of the processing that are particular to the IT staffing industry – your billable and billing rates will be reconciled without intervention, discounts will be calculated based on a scientific formulation, appropriate annexure documents will be listed, consultant’s name will be listed along with timesheet submissions, perks will be calculated as per contract obligations, the right invoice template will be chosen and many other requirements will be followed up without fail.

3. QuickBooks’ A/R capabilities will also receive a major boost by automating the invoice dispatching and payment realization procedures. You can schedule email invoice dispatch and payment reminders, reconcile payment receipts, extract statements of customer payment delinquencies, include a revised contractual obligation and even do financial analytics for offering higher discount rates to eligible customers.

The best way to find a permanent solution for all IT staffing firms’ expectations is by adding a total invoicing solution like CONSULT that has been developed exclusively for increasing QuickBooks capabilities. It works with such precision and accuracy using the same type of interface as in QuickBooks to give users a familiar touch and feel.

CONSULT is a cost-effective tool with pocket-friendly plans. You can migrate between two plans as your needs grow up.

The Best accounting automation tool used by staffing companies in 2021

Due to the high level of sophistication in IT staffing company invoicing processing, there is an extensive demand for accounting automation tools. 2021 is a watershed year for IT staffing firms because they are taking to invoicing automation in a big way. As the industry’s level of complexity has grown by leaps and bounds, the demand for more features is rising.

IT staffing companies are demanding 100% accounting automation in the following core areas of operation: remote consultant timesheet submission, unattended invoice categorization for tax purposes, multi numbering system for bills (invoices), scheduled automatic invoice generation and dispatch, a good collection of invoice templates, A/R process automation, automated scheduled reminder services and full integration compatibility with QuickBooks. These demands are just the tip of the iceberg; there are so many other features that IT staffing companies want to be integrated into their QuickBooks environment.

Launched 2 years earlier, CONSULT has emerged as the most preferred QuickBooks compatible software for the IT staffing firms. It not only meets the exacting demands of the staffing businesses but even far outstrips expectations 5X times. It is today the industry standards for invoicing for staffing providers. By integrating CONSULT to QuickBooks, firms are able to increase productivity by as much as 400% and accuracy rates to 100%.

What makes CONSULT such a great application for accounting automation is the integration that can be achieved in minimum time. It is just like hopping into the driver’s seat and driving at breakneck speed. Staffing firms also like the extensive range of features it offers, each enhancing QuickBooks capabilities 4X to 10X times. Everything is so accurate and operating so intuitive that your accountants will not want to give up.

Here are a few features (remember we said “just the tip of the iceberg”) that make CONSULT Invoice Automation Software a fantastic accounting tool.

1. Automated multi-device, remote timesheet submission with password protected authentication – your consultants will benefit because the person can make submissions with the ‘pause and continue’ feature. There is no paperwork involved – it is all digital, safe and secure.

2. Automatic timesheet matching with customer reports – cuts down invoicing time, because it eliminates long waiting time where the firm sets a printed copy (or PDF email) and waits for the customer’s response. Everything can be digitally achieved with precision.

3. Automated VMS – protects your firm from making an accidental second payment for the same invoice. Likewise you can protect the firm accidentally skipping a few important claims or an incentive for which they qualify.

Behind CONSULT’s major success with IT staffing business is the technology – AI and complex algorithms and matrices give it a lead over any other software that mostly delivers only piecemeal solutions.

How A/R automation benefits the staffing industry invoicing process?

The principal objective of automating invoicing is to ensure that they are accurate, meet the exacting standards of customer requirements, and get paid faster by submitting invoices on time. Briefly, the entire endeavor from the start of dispatching an invoice to receive payment may be called A/R processing. Any misadventure in generating invoices, such as a delay or error will cause a string of problems for the A/R team, leading to delayed payments and poor cash flow in the organization.

A/R problems strike organizations that still hang to the old manual methods of writing invoices. Though most IT staffing companies (our focus) nowadays use QuickBooks for accounting purposes, the fact is that for achieving total efficiency in A/R, the firm has to adopt a viable invoicing automation tool such as CONSULT to be prepared to face the challenges in receiving payments faster.

When you use CONSULT, you don’t have to give up QuickBooks; you can continue by integrating with the invoicing automation tool. The advantage is you get the best of both worlds – a highly reputed accounting software and an exclusive invoicing automation tool that enhances the working of QuickBooks and its features by several times. The reason to choose CONSULT is that it has the same familiar touch and feel as QuickBooks, that not even a veteran accountant will discover.

Here is a simple example that provides QuickBooks the extra empowerment to make life easy for accountants working on invoicing in staffing companies. If you have ever put yourself in an invoicing accountant’s place, you will have known how complex timesheet processing and auditing can get. You will have to, before the invoicing starts, determine the consultants’ place of domicile, the project (or projects) on which he is working (some do work simultaneously on multiple projects), assign tax category to which his state belongs, and many other data references that need cross-checking.

With so many input data to take into consideration, preparing invoicing manually in the IT staffing business doesn’t make sense at all: you can go wrong at many places by applying the wrong billing rate, improper discounts, fail to claim consultants’ perks, and ultimately even miss a few consultants’ name in the ultimate that you send to your customers. It shouldn’t be working this way – these are processes that should be assigned to software like CONSULT that will perform like a superstar.

CONSULT Invoice Automation Software is for IT staffing companies that want to make life easy for accountants and A/R processors; and improve the firms’ productivity, profitability and overall give it a streamlined cash flow advantage.

How to Handle High Volumes of Invoices in QuickBooks?

IT staffing firms don’t generally generate the same number of invoices on each day of the month. Invoicing volume is generally high during the first week of the month and tapers towards the middle. The pressure to generate high volumes of invoices in the first few days of the week is to ensure that their invoices are placed higher on the payment list and payments are received earlier.

Handle High Volume Invoicing with CONSULT

IT staffing firms are aware that QuickBooks cannot match the speed or feature requirements needed for smooth invoicing operations in the industry. Since QuickBooks has traditionally been in use, staffing firms continue to use and suffer delays, inaccuracies, and consequently delayed or rejected payment from their customers for various reasons. Staffing firms’ needs are specific and only a dedicated add-on solution such as CONSULT can fully meet all expectations at a competitive price.

When CONSULT is integrated with QuickBooks, invoicing operations are taken over by the add-on solution even as the information in the accounting software is kept unchanged. It uses financial information and enhances the invoicing feature many times. In short, the add-on hives off part of the processes to make high volume invoicing easy and more scientific.

The Advantage of CONSULT and QuickBooks Duo

CONSULT is a computer application that is offered as a cloud-based force-multiply solution that can: capture and store timesheet; consultant, subcontractor and customer details; terms of contracts, domicile information about every stakeholder in the project; tax categorization information and several other critical data that can’t be processed directly by QuickBooks.

In QuickBooks, the invoicing process is initiated by manually extracting information about a project and then calculating the final amount to bill a customer. What IT staffing companies need most but QuickBooks features can’t deliver are: direct timesheet submission from consultants, tax categorization based on project configuration, and automated application of discounts to eligible customers. Since these processes have to be carried out manually if the staffing firm is not using CONSULT, high volume processing cannot be achieved.

Achieving High Productivity

IT staffing firms are reporting 10X productivity in invoice generation when they integrate CONSULT Invoice Automation Software and QuickBooks. Invoicing apart, staffing firms also appreciate many other features that their accounting software doesn’t give them.

What sets CONSULT apart from other online invoicing software is the unique AI design, algorithms and matrices that can handle large volume invoicing without having to feed data every time an invoice is generated. Another major advantage your firm will enjoy is the competitive pricing at $1/Invoice. Offering plans are simple and easy to understand.

How to reach 100% success rate in Accounts Receivables?

With a total automation application like CONSULT, any IT staffing firm can achieve a 100% success rate in the accounts receivable process. One of the main objectives of the automation application is to enhance the features of QuickBooks and the other is to give additional features that are specific to the staffing business. QuickBooks is a general accounting solution and does not include features that are specific to any industry or user type. To give that extra power, you will have to integrate an add-on and provide additional muscle to empower your accountants to achieve more and increase ROI.

Here are a few things your accountants should do to raise your AR success rate to 100% – believe us; it is achievable and in a short period. CONSULT works in coordination with QuickBooks and therefore does not entail your organization to buy or migrate to an alien accounting program. It is a sophisticated AI-driven application capable of cutting down operational costs in the accounts department by up to 90%.

Factors that Raise Success Rate to 100% in AR

1. CONSULT is reputed for generating impeccable accurate invoices that your customers will readily accept and forward for payment processing. How is this possible? It is possible because CONSULT ensures that every step in invoicing is done precisely and adheres to standardized quality. It starts on the day an agreement is written for supplying consultants and subcontractors enrolling for the customer.

2. Every detail – consultant destination, place of work, taxable state, applicable tax rates, and subcontractor location state, staffing company domicile state, billing rates, perks, billable rates and performance conditions for discounts or incentives for early completion are all entered in the application so that accountants are never required to go through these mundane activities again and again when there are a series of invoices to make.

3. CONSULT prepares your accountants to be fighting-fit any time an invoicing task comes in. The application works with clockwork precision making it a 100% perfect tool that can be trusted to perform like a veteran. The most noteworthy point about the application is its direct timesheet capture and processing ability. It can receive consultant and subcontractor timesheet submission in digital format directly and keep it ready for QuickBooks to act on the data in seconds.

4. The success rate in accounts receivable is directly proportional to how frequently you can automatically remind your customers to pay on time and get big discounts in return. CONSULT Invoice Automation Software is designed to send reminders automatically at any frequency rate until a payment has been made successfully. You don’t even have to look into your books of accounts to know when to stop; the program will do it automatically because it is integrated with QuickBooks and knows when to stop exactly.

With CONSULT invoicing processing working at top accuracy, submission of invoices with proper discounts and timely delivery of invoices, your payment receipts will never falter. Your cash flow too will have a smooth sailing.

How to solve your biggest cash flow problems in 2021?

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.

How CONSULT’s auto-reminders help to get invoices paid faster

The key differentiator between a successful and growth-oriented IT staffing company and a nose-diving competitor is in their approach to inculcating a culture of constant improvement in their working methodologies. The growth-oriented enterprise always seeks to provide their employees with the latest digital tools that make working simpler for accountants by relegating manual repetitive tasks to machines (computers and software) and empowering teams of accountants and bookkeepers to focus more on core activities such as researching and improving workflow for higher productivity and more profits. This is a general lookout and is much truer in AR (account receivable) processing.

To get paid faster, staffing must first fine-tune their invoicing and dispatching process, but before getting to do this, the firm must focus on streamlining the timesheet submission task. Consultants form the frontline warriors and unless they are digitally enabled to deliver timesheets directly into the automation solution, no effort, however hard, will produce the desired result. Therefore a unified approach is required for getting paid faster with minimum effort. This is what CONSULT strives to achieve.

CONSULT’s unified approach starts with a robust timesheet submission module in which each consultant is allowed a safe and secure direct authenticated entry process. Once properly authenticated, the actual entry can be accomplished easily and in less time. It is not necessary that the entire timesheet submission for a defined period has to be done in a single go; the submitter can do it over a period of time allotted to him. Generally it corresponds to a block of predefined time such as fortnight, week or a month. IT staffing companies also take advantage of timesheet-non-receipt reminder features that consultants are regularly reminded to avoid delinquency.

The second important step for realizing faster payment is submitting a customer invoice that is 100% accurate and has all the annexures that the customer has requested. This can be tricky if the accountant is not using CONSULT – he or she will have to walk through several files and documents to ensure that specifications have been met and are fit for dispatch. Dispatching itself is itself a difficult process, but CONSULT makes it easier because it can be set to automatically dispatch once the invoice is generated and submission dates have been scheduled.

Little do we need to tell IT staffing firm managers why only regular reminders encourage customers to process their payments faster. Here again, you can schedule reminders until payment has been received into the firm’s banking account. You can easily tell when a payment is received because CONSULT invoice automation software is integrated with QuickBooks and uses the accounting software to verify payments and stop reminder invoice from being dispatched accidentally.

Combined with the reminding services for consultants and customers, CONSULT is the most formidable tool that can help your firm to realize payments at least 3X faster than any other method.

Maintain Cash Flow with CONSULT Invoice Automation

If you are an accountant working in an IT staffing business, then, little we need to tell you why maintaining good cash flow is important for your organization’s financial health. Without maintaining proper cash flow, your ability to service obligation will be stymied and your business managers will come under intense pressure to seek bank funding. The more you borrow the more still you will want to depend on banks. At the end of the day, your organization will have coughed out most of its profits servicing the borrowed money.

The most common reason for poor cash flow is that organizations don’t show enough enthusiasm in the AR process (accounts receivable). There are multiple reasons why AR is such an overwhelming task. Often the reason can be traced to a few defects within the working of the staffing company’s accounts department. It is not the writer’s intention to shift the blame on the accountants, it is more because they are overburdened and doing an unenviable job. It is most repeating a procedure often with numbers, billing rates, billable rates, discounts and taxes varying from invoice to invoice.

Bringing in AR, Invoicing, VMS Automation

Automation can bring about dramatic changes to the AR process if only the staffing firm is willing to adopt automation in its entirety and implement it in the organization with zeal, energy and force. Automating the accounts maintenance process is no rocket science and you don’t need to send your accountants back to business schools to do it painlessly.

One of the better known ready-to-implement invoicing (and VMS) and AR automation in the IT staffing industry is CONSULT. It comes as a readily-packaged cloud-based SaaS offering that can be integrated with QuickBooks without much effort. The integration takes little time to achieve and you can seek the developer’s experts to achieve it.

The Benefits of CONSULT in Achieving 100% Cash Flow Perfection

1. All your invoices will be automatically generated by CONSULT – perfect timesheets, tax categorization, preplanned auto invoice dispatch, preprogrammed customer payment reminder and VMS are but a few processes that can be done without much human intervention.

2. Your organization is assured of 100% invoice accuracy that will stop the customers from returning defective bills – accurate invoices get top customer priority when payment processing time commences.

3. Accountants will benefit from less time spent on manually entering timesheets because they will be directly captured by CONSULT and authenticated before invoicing process begins.

4. CONSULT works as an add-on to QuickBooks and enhances the features to the expectation of IT staffing customers. CONSULT is designed to the exacting needs of QuickBooks and has the same familiar user interface that makes it easy for the bookkeepers to master it.

Consult is a cost-effective solution – does not require any hardware purchase, installation charges,or frequent software upgrade. It is a value for money solution every IT staffing company must have to increase productivity and increase profit level.

Positive Impact of Pandemic in Staffing Industries

Like all agriculture, manufacturing and service industries, the pandemic has also negatively impacted the IT staffing business. The fear of traveling and working in closed office spaces makes it easy for the virus to spread faster. Though many pharmaceutical companies have started selling vaccines and drugs that cure, there is no sign of a definite solution taking shape in the immediate future. It should however enthuse many people in the information technology business to know that the pandemic has also taught people how to be resilient and cope up with dangers, and protect themselves.

Pandemic has Taught Employee to be Resilient

Covid is teaching employees why it is necessary to stay strong in difficult times in spite of the fact that many workers have lost someone dear in their life. In their quest to stay resilient, employees are discovering many ways to bury differences and cooperate to resolve problems amicably rather than fight it out. It is clear to most people working closely that cooperating is important and not confrontation. Stories of how employees are helping each other abound.

New Staffing Specific IT Tools Emerge

IT staffing firms are discovering tools that cut down traveling dramatically. Employees now know that the less they travel, the better they are off – especially those who use the public transport system. One of the top tools that the IT staffing firms are using is CONSULT. It is an application that cuts down invoicing time to 10% and improves profit level by 50%.

A new breed of software has already hit the market that makes communicating a simple affair. Due to a large number of IT products hitting the market during the pandemic, the quality has improved even as prices go down. The market has seen the emergence of substantial free tools that make it possible to work remotely and more efficiently.

Encourages Work-from-home Culture

The pandemic has taught administrators and business owners that technology-driven remote working can improve the performance level of its employees many times over. The usually 9 to 6 working culture is being replaced by result-oriented work culture. Nowadays managers focus on results and not on the time that employees spend in the office.

Since a substantial part of the service industry employees have started to work from home, it has reduced the stress that the public utilities were facing.

Of all the most impactful benefits is that many consultants in the IT staffing industry are able to offer their services working from the comfort of their home. It is a win-win situation that improves profits for all stakeholders in the industry. Likewise the demand for consultants is going up because customers are able to see the benefits of hiring from staffing companies rather than working with self-hired employees.

Invoice Factoring Strategies for IT Staffing

In the IT staffing business allowing customers a certain credit period to pay for the invoices is common. It is a business strategy that helps staffing companies to retain quality customers reputed for being trustworthy and have a track record of paying on time. Staffing companies use invoice factoring to overcome financial cash flow problems during the period a customer is offered a credit.

It is not the objective of this post to elaborate on how the factoring mechanism works. It is more about how invoicing automation solution CONSULT can be used to strategize factoring to keep cash flow in good health. The invoicing solution can help finance managers and accountants decide which invoice to factor and for what period so that it will not negatively impact the profits of the organization.

Deciding on Factoring Issues

There are many factors to consider when an invoice is factored by a lender; not all will qualify. Strategizing can help the borrower so that interest outgo is minimized and the financial burden does not make any impact.

Complex points come into play at the time an accountant decides which invoice to factor and with which lender. Not all invoices are equal. For example, factoring an invoice on which the staffing company has allowed a heavy discount is not really a fit invoice to factor; likewise, a customer who is not reputed for paying on time is not a fit candidate to factor in either. Since each invoice will be of a different value, it is important to select a combination of invoices for factoring so that the firm does not end up holding on to a large cash asset that the firm does not require and pay interest for it.

Automated Strategy for Better Results

With manual strategizing for invoice factoring, the possibilities of choosing the wrong set of invoices or deciding an improper period of factoring for each invoice can reduce a project’s profit. There are other factors to consider too: consultants deployed in the project, billable rates, subcontractor margin, operating margin for the firm and many other parameters that have to be closely scrutinized.

In many IT staffing firms, the decision to factor, or not to, is not decided by the accountant but by a superior officer because there are issues that the accountant may not be aware of. Automating with CONSULT will help in the strategizing exercise on a scientific basis. The built-in AI, matrices and algorithms will provide an excellent basis for taking the right decision on factoring strategies. Since human intervention is vastly reduced in automation, the chances of any major mistakes creeping in are also eliminated.

Does Cloud Accounting Help Businesses during Pandemic Times?

The current pandemic is one of the worst to strike humankind ever since the dawn of civilization. At no point of time in history have so many lives been lost and so many challenges been thrown on the medical fraternity. The response from businesses, particularly the medical industry is fantastic; in less than a year, dozens of medical research institutions around the world have got into action and succeeded in finding a vaccine against the dreaded Covid 19 virus.

Cloud computing is one of the many technologies that has helped humans fight against shutting down businesses by providing vital connectivity between employees and offices. Cloud technologies are finding the best uses in applying this technology to empower employees to work from and protect themselves from the dreaded virus. IT staffing employees, notably the accounting department employees are able to work remotely and keep productivity at its best level. For many, it is as if nothing wrong has happened at all.

Here are few ways in which cloud technologies help run businesses efficiently and beat the onslaught of the pandemic.

Cloud Technology in Timesheet Submission

Cloud technology has helped IT staffing firms to do away with the manual timesheet submission method. Cloud-based CONSULT, an invoicing automation solution helps hundreds and thousands of consultants to submit their timesheets without having to travel to post offices or take the trouble to prepare a chart and email it. With the solution, consultants and subcontractors can directly log into the application and enter all the details.

Direct submission with credentials is not only safe but also offers convenience and an error-free environment that helps businesses to totally eradicate invoicing mistakes. It saves a lot of time.

Cloud Technology in AR Processing

Cloud technology has made AR not only simpler but also less cumbersome. AR processing executives use CONSULT for bill submission and reminders without having to use mail services and endanger the possibility of postal employees and customers. It works faster and is also more effective. The application is used to automate the customer reminding process systematically. It helps staffing businesses to bring down travel risks to a minimal level and swap the saved time for focusing on core functions of the AR team.

Cloud Technology Helps Multiple Hardware Types

CONSULT is a multi-device compatible, cloud-based, invoicing automation tool specially made for integration with QuickBooks. Once it is integrated with the tool, you can enhance all IT staffing related features of accounting software – choose one of the 200+ included invoice templates, receive timesheets directly, automate customer reminder for payment, analyze payment histories of customers, use it for new customer acquisition, archive transaction, protect from accidental money transfers and increase productivity at least by 5X.

Multi-hardware compatibility makes it possible for employees to work from their homes or while on the move. IT staffing firms are already taking advantage of CONSULT’s robust features and utility to keep productivity at 100% level even as they provide a safe platform for employees to protect themselves and the community from falling victims to the world’s worst ever pandemic.

How to Avoid These 7 Hiring Mistakes

In the IT staffing business, hiring is a bit different than hiring for a conventional business. Staffing firms have to take extra efforts to ensure that the hire has all the desirable qualities and qualifications that fit their customer’s expectations. We say ‘extra efforts’ because the recruiter has to first study the job requirements and then make an evaluation of the talents’ fitness-level for the job.

Though most often the customer will clearly define the job requirements, chances are you might not grasp the consequences of making a wrong hiring decision. In the IT staffing business, agreements are often in favor of the customers and they can if necessary reject and request a replacement for the hire. In these types of situations, you might end up having lost time and money, and loss of reputation sometimes.

By avoiding the following 7 pitfalls, your IT staffing business can come around the hiring process problems.

1. Do not use vague job descriptions; keep them clear and accurate to the point. Avoid unwanted verbose and keep hovering on the qualities that are important for the job. Revisit those customers who regularly (check your CONSULT database for clue) order services from you and see what they expect from your consultant talents.

2. Do not hire a consultant who is not tech savvy and is not willing to relocate as per project requirements. Since your staffing firm will be using invoice automation solutions such as CONSULT for invoicing and they will be required to directly load timesheet data directly, a technically inclined hire willing to learn and adapt to your requirement should be preferred.

3. Do not hesitate to log in to your CONSULT software and see what types of consultants have raked in big profits and what kinds have caused you much embarrassment. Use the data available in the software to prepare a questionnaire. As a rule never guess a question and keep on delving deeper into it – you will only get the same reply that will hardly help.

4. Don’t rush with your work as if there is no tomorrow. Take your time to decide whether the candidate will fit your expectations and whether he will stay with your firm for a long time. Hiring is an expensive process that is avoidable.

5. Don’t broaden your search that will encourage those without the right qualification to apply. Throwing your dragnet too wide will not help because you will be spending a lot of your time shortlisting only to get confused. For example, if hiring a consultant domiciled in a particular state will give you tax advantages when billing your customer, make it a primary point when all other qualifications are equal. You can use CONSULT to find out the tax benefits that accrue from hiring in particular states.

6. Don’t hesitate to ask for references and check the candidate’s credentials. Remember that you are hiring candidates who will be working for your customer’s business. If your customer discovers something undesirable about the hire, it can reflect on your reputation too.

7. Don’t forget the cultural-fit part of the hire. Remember that not even the brightest and best qualified will fit if he cannot merge with your firm’s culture and practice. A hire who fits well will improve productivity and will be willing to learn and enrich your IT staffing firm.

Simplify invoicing and Accelerate the cash flow

Focused Approach to Cash Flow

If you are a staffing company owner or an accountant, a bookkeeper or a CPA in the United States, you will also be aware of the complexities of getting paid on time by customers/clients. It is the prerogative of customers to pay or refuse to pay a defective bill or delay payment until an accurate tax invoice is presented to the payer. In short, an invoice replete with errors is an incentive for the payer to delay payment and use your money as a short-term interest free loan.

Streamlining cash flow is nothing but a business having enough cash to meet all planned expenditures on time and invest as per the business objectives. Why do some businesses experience more hurdles in optimizing cash flow than others? The simplest answer is that they haven’t automated the A/R (account receivables) and still depend on age-old practices that require the attention of an accountant who not only prepares invoices but also takes the trouble to follow up with customers to ensure that payments are received in time.

Manual Methods – Draw Back

The manual method of staffing companies to achieve targeted cash flow may have worked in the past, but nowadays, due to the complexities, running a staffing company without AR automation can be extremely painful – especially the preparation of invoices that involve multiple contractors located across many states in the US. Though accounting software such as QuickBooks with more than 70% of the share for accounting software is an excellent tool, the fact remains that they do not fully meet the exacting special needs of the staff business genre.

To fill the void in QuickBooks in the context of a staffing company, software solution providers like Atkku LLC, US offer add-on solutions exclusively made for staffing companies. What makes Atkku’s CONSULT® a big draw for the staffing industry segment is its rich features and the hundreds of invoice templates that CONSULT users enjoy. It helps them build a brand image that is potentially capable of being associated with quality services not to mention the streamlined operation they usher in ensuring proper cash flow.

First Step for Streamlined Cash Flow

If you are not already using QuickBooks Online for the daily accounting chore, then you need to order an online QuickBooks subscription. Next comes, CONSULT® which again is a subscription model of SaaS. The two together offer an formidable asset that can transform the ways in which staffing companies can up ante their cash flow objectives.

CONSULT supplements QuickBooks’ potentials by giving billing teams an invoicing tool that is centered on staffing businesses in the USA. Though positioned as an invoicing add-on, the fact is that the software can be used by CPAs, Accountants and Bookkeepers for delivering Invoicing service.

CONSULT’s basic version SaaS is accessible for anyone and can be used without restriction. We recommend that you try the software.

Turning Tasks into Pleasures

The difference between performing well and performing superbly for accelerated cash flow is having or not having CONSULT®. If you have, your Billing/Invoicing task is just about to become a cakewalk for your billing team.

No more grappling and number crunching manually and yet going wrong with invoices. Our software is a bulwark guaranteed to put an end to defective invoice.

The Benchmark Invoicing Tool

CONSULT® is for those who want zero-error invoices that speak the language of perfection and precision. It eliminates error-prone manual intervention completely by integrating with QuickBooks on a real-time basis using advanced data capturing technologies that we fine-tuned for CONSULT®.

It is designed to enhance QuickBooks’ capabilities manifold and put teeth into your billing team.

Extreme Invoicing Automation

CONSULT® is designed to give a new twist to the art of Invoicing. No more breaking your head over problem-laden invoicing involving multiple states and consultants in different states. Our invoicing software is an intelligent piece of marvel created for staffing businesses that want non-core activities out.

It is designed to automatically capture data from QuickBooks and produce invoices that reduce tax burden legally.

Delinquency-free Accounts in 3 Simple Steps

Delinquency in the staffing industry is simple and easy to control if you automate the invoicing process. It will send reminders automatically and overall keep an eagle's eye on accounts that don’t pay on time. The benefit to your organization is reduction in delinquency.

Little we need to tell accountants and business owners the burden of carrying a large receivables account that never seems to shrink. The more your customers owe your business financially and for long periods that don’t seem to end, then, you are in for facing a crunch sooner or later. The first problem you will face (unwillingly of course) is a haphazard cash flow – signaling that you are in for trouble later.

As time flies by, delinquent accounts are likely to go up if not checkmated on time. But why do delinquent accounts buildup so rapidly? Part of the reason can be attributed to shortcomings within your organization’s vintage manual invoicing and A/R process that has not changed. Manual processes are notorious for delays, inconsistency, errors, higher operating costs and low profitability; the same ingredients that burden your business with delinquent accounts.

Here is a 3-step formula you can put into practice for delinquency-free accounts (customers). Of course don’t expect results overnight; it takes time to unknot the mess and start moving in the right direction.

Automate your Financial Accounting

There was a time when the entire accounting process used to be carried out in paper books. It is no news that paper-based accounting has been replaced with financial accounting software like QuickBooks; it is almost 100% nowadays including the IT staffing business. Don’t however forget that not even the most widely used financial software can provide all the special features your IT staffing business will want – most notably for A/R and Invoicing processing.

For this you will need special software; software that can integrate easily with the financial accounting software you already use. This is the first step; explore CONSULT® invoice automation software made-for-QuickBooks application that runs on the cloud and is delivered as SaaS.

Centralize all Documents and Data

One of the toughest jobs in the invoicing preparation cycle is getting easy access to all data input that your invoice needs. Information and data is often scattered across different individuals within the organization and some with consultants and subcontractors who are working for your IT staffing company. Instead of choosing a round-about process using papers and emails, you must consider an automated enhancement like CONSULT® for QuickBooks so that consultants can enter timesheets directly without delay.

This will help your organization to prepare flawless invoices in jiff and present it electronically to your customers to avoid any delay in payment processing. CONSULT® even has the ability to automatically send reminders based on your settings. Frequent reminders will ensure that your bills are never forgotten or ignored by the accounts team.

Digitalize the Payment Collection Process

The human mind is prone to tiring and forgetfulness, and not much dependency must be placed on it for a critical operation like payment realization. Not even the best customer will pay you on time unless reminded frequently. CONSULT® can do this for you in a streamlined fashion; it is tuned to send reminders after reminders until the payment has been received in full. Once received and recorded in the main financial accounting software, it will cease to send unwanted reminders and annoy the customer.

CONSULT® customers are reporting a vast improvement in the collection process and fewer accounts turning delinquent after using this application. The software is all value for money.

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