In today’s fast-paced business environment, efficiency and accuracy in invoicing are crucial. Manual invoicing processes are time-consuming and prone to errors, which can lead to delayed payments and strained client relationships. TalBoard, an innovative staffing management software, revolutionizes the invoicing process by automating and streamlining key tasks, ultimately speeding up invoice generation and minimizing human errors.
Speed Up Invoicing
- Automated Invoice Generation: TalBoard automatically generates invoices based on approved hours worked. This eliminates the need for manual data entry, significantly reducing the time spent on creating each invoice. For companies handling numerous invoices monthly, this translates into substantial time savings.
- Real-Time Data Integration: With real-time integration of work hours and project data, TalBoard ensures that all invoicing information is up-to-date. This integration allows for instant generation of invoices as soon as hours are approved, accelerating the billing cycle.
- Automated Client Reminders: TalBoard can send automated reminders to clients regarding invoice due dates. This proactive approach ensures timely payments and reduces the need for manual follow-ups, enhancing cash flow management.
Eliminate Manual Errors
- Accurate Data Entry: Manual entry is susceptible to errors, such as incorrect figures or misplaced decimal points. TalBoard’s automated system pulls data directly from timesheets and project records, ensuring that invoices are accurate and consistent.
- Error Reduction Through Automation: By automating the invoicing process, TalBoard removes the potential for human error in calculations and data transcription. This leads to more precise invoices and fewer disputes with clients over billing discrepancies.
- Comprehensive Audit Trails: TalBoard maintains a comprehensive audit trail of all invoicing activities. This feature allows businesses to track changes and verify the accuracy of each invoice, providing transparency and accountability.
Lets Understand by an example.
Assumptions:
Manual Process:
Time to generate a single invoice manually: 30 minutes
Number of invoices generated per week: 100
Verification time per invoice: 15 minutes
Automated Process with TalBoard:
Invoice generation: Automated based on approved hours
Invoice verification: Reduced to 5 minutes due to automated checks and reminders
Time Calculation
Manual Process:
Invoice Generation:
Time per invoice: 30 minutes
Number of invoices per week: 100
Total time for generation per week: 30 minutes/invoice×100 invoices=3000 minutes (50 hours)
Invoice Verification:
Time per invoice: 15 minutes
Number of invoices per week: 100
Total time for verification per week :15 minutes/invoice×100 invoices=1500 minutes (25 hours)
Total time spent manually per week: 50 hours+25 hours=75 hours
Automated Process with TalBoard:
Invoice Generation:
Time per invoice: Automated (0 minutes)
Number of invoices per week: 100
Total time for generation per week: 0 minutes/invoice×100 invoices=0 minutes (0 hours)
Invoice Verification:
Time per invoice: 5 minutes
Number of invoices per week: 100
Total time for verification per week:5 minutes/invoice×100 invoices=500 minutes (8.33 hours)
Total time spent with TalBoard per week: 0 hours+8.33 hours=8.33 hours
Time Savings with TalBoard
Total time saved per week: 75 hours−8.33 hours=66.67 hours
Total time saved per month: 66.67 hours * 4 Weeks = 266.68 hours.’
Benefits of TalBoard:
- Automated Invoice Generation: TalBoard automatically generates invoices based on approved hours, eliminating the 30 minutes spent on each invoice.
- Reduced Verification Time: Automated checks and reminders reduce the verification time from 15 minutes to 5 minutes per invoice.
- Client Reminders: TalBoard can automatically remind clients about invoice due dates, ensuring timely payments and reducing manual follow-ups.
- Improved Efficiency: With a total time saving of 66.67 hours per month, your team can focus on more strategic tasks, improving overall productivity and efficiency.
By integrating TalBoard, your company can streamline the invoicing process, reduce manual workload, and ensure timely payments, ultimately enhancing operational efficiency and accuracy.
Ready to elevate your staffing process? Contact us to explore TalBoard’s features and schedule a free demo. Email us at hello@talboard.com to get started!