The client is one of the leading global recruitment providers for the oil, gas and energy sectors, with several decades of sourcing temporary and permanent opportunities. The client operates in multiple time zones and locations. Consequently, the F&A and payroll teams work with more than 10 currency types, while dealing with complex payroll processing requirements. The client wanted to improve process efficiency, deliver a better experience to its clients and contractors, and reduce the cost of finance, accounting and payroll.
Timesheets received via different systems and platforms: third-party portals, copies of paper timesheets via emails, self-submitted timesheets, etc.
Need to consider indirect taxes such as GST (Goods & Services Tax), Sales Tax and WHT (Withholding Tax) for each location while processing the timesheets.
Invoice rejection by end-clients owing to rate differences, incorrect timesheet data from contractors, missing authorisations, etc. negatively impacted the cash flow.
Difficulty of communicating with candidates placed in remote locations to resolve queries, especially where mobile phones are not allowed on the sites.
Need to educate and provide extensive support to the contractors (technicians or mechanics) unfamiliar with payroll systems and processes.
Dealing with multiple currencies and managing expense reimbursements in the form of costs related to Visa, travel expenses, medical bills, and more.
QX worked closely with the client to implement an end-to-end finance, accounting and payroll solution that resolved the major issues. Key steps taken:
Linked timesheets from multiple locations to a central payroll system, while also submitting physical copies of invoices to the client via courier for a small portion of the invoices.
Educated candidates in the use of the payroll system; for example, helping them create invoices and fill up the correct data in respective fields.
Implemented a process wherein the payroll team confirms receipt of timesheet/invoices within 24 hours, timesheets are processed within 2 days, and payments released within 5-7 days.
Proactive approach in identifying and resolving queries, with improved communication lines between the payroll and credit control (offshore) and contract mobilisation consultants (onshore) teams – ensuring on-time resolution of queries.
Maintaining and closely monitoring a list of priority contractors whose timesheets need to be processed within shorter timelines.
Streamlined processes and delivered in-depth reports for credit control, including forecast vs actuals, region-specific reporting, top 10 debtors detailed info, query log summary with comments, master sheet for internal tracking, and expanded monthly reports.
84% reduction in the value of transactions under query
Action on queries within 2 days of receipt and resolved within 10 working days
100% timelines and SLAs achieved for priority contractors
Significant reduction in unallocated cash
Improvement in cash collection
100% achievement of cash collection target
Improved visibility via detailed monthly dashboard and KPI reports
Zero attrition during the last year, ensuring operational stability
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