According to IT staffing firm sources, IT staffing companies suffer substantial losses due to wrong categorization of customer invoices by accountants and losses go up to 10% in some cases.
The reasons for losses are believed to be in the invoicing processes which are critically important in staffing companies. Proper tax categorization is the first step, and once categorization is done automatically with CONSULT, the processes that follow can be streamlined for optimal tax savings, say accountants who have long experience in the industry.
In an interview with the correspondent, the spokesman said, “The quest to provide a proper automatic invoicing to VMS solution is becoming readily accepted among the user community in the industry.” Further he said, “CONSULT has helped IT staffing companies to save themselves from paying taxes at rates that are not required. The advanced algorithms in our complex matrices invalidate automatically any excess payment at the stage of preparing the invoice itself.”
Speaking more elaborately, a director of the developer company said that they are the first software business to use AI-features in invoicing software that can intelligently apply tax rates in even the most complicated invoices. He said, “We have tested our algorithm and matrices in hundreds of invoicing scenarios from the most complex of invoices comprising hundreds of consultants, subcontractors and projects across with CONSULT and we were able to achieve 100% tax accuracy.”
Further he added, “This invoice automation software can help even budding accountants to achieve professional-level proficiency in as little as a few hours of training with the application. The learning curve is almost absent because it works integrated with QuickBooks as an add-on solution with its familiar interface.”
Company officials say that productivity can be increased by up to 15X for even a moderately complex invoicing scenario with some IT staffing companies reporting up to 20X increase in productivity. “Since most operations in the application are carried out with data already available in CONSULT, the need to feed any additional data is mostly not required. Likewise newer data can be added and updated at the time of contracting itself to avoid last minute hassle,” according to an official of CONSULT.
The developers are offering two simple paid plans. The company also offers good support to users.
