CFOs, FDs, FCs and other finance leaders in recruitment agencies operate in a dynamic market that changes course at the drop of a hat. Evolving government regulations, outdated technology and the shortage of skilled payroll & accounting staff often keep finance leaders in a fire-fighting mode. This leaves them with limited bandwidth for focusing on business transformation or playing the role of a strategic advisor to the business.
A reliable pay & bill outsourcing company that delivers quality services can help finance leaders to focus on what’s more important. Not only that, a specialist provider can often deliver significant cost reduction, while providing support for the implementation of new technology and streamlining the pay & bill process. Some of the key benefits of outsourcing the pay & bill function to a specialist are:
1) More time to focus on the future: What if you did not have to worry about pay & bill at all? What if all the timesheets were processed at a much higher rate of accuracy? What if payroll adjustments dropped by more than 90%? If a specialist can help you streamline the process and deliver reliably, all the time that previously went into overseeing this function can be devoted to more strategic endeavours.
2) No staffing issues: It is not easy to find pay & bill specialists – and it is pretty difficult to retain them. Skills shortage is a persistent problem for finance leaders in the recruitment space. High attrition rates for payroll administrators and increase in the number of timesheets often make it difficult to hire and train new resources. With outsourced pay & bill services, you simply do not have to worry about staffing continuity issues.
3) Higher accuracy rates: A company that processes a high volume of timesheets will have the people, processes and systems to deliver with a high level of accuracy, while also meeting deadlines day in and day out. The expectations can be set out at the beginning of the relationship and documented via SLAs and KPIs. For instance, we typically deliver 99.8% accuracy in timesheet processing and often exceed this.
4) Digitisation, automation and process improvement: By partnering with a mature payroll outsourcing company, you can achieve your goal of streamlining the pay & bill process and implementing better software systems. Conducting this activity in-house can be highly disruptive – the lack of time and lack of prior experience can often put the success of new initiatives in jeopardy. By partnering with a specialist provider who’s done it before, agencies can achieve these objectives without breaking a sweat.
5) Reduced costs: Last but not the least, an offshore company providing pay and bill services for recruitment agencies in the UK can often reduce the cost of operations by up to 50%. The trick is to choose a partner that can deliver cost savings while improving the overall efficiency of your process.
Do you feel that your pay & bill process can be more efficient? Are you spending too much time resolving issues related to your pay & bill function? Looking for a specialist provider to ease some of the pressure?
We can help. At QX, we process over 1 million timesheets annually, at 99.8% accuracy. We are masters of high-volume pay & bill processing and our services are benefitting leading agencies in the UK. Please get in touch to learn more about how our services can benefit your agency.
Originally published Jul 20, 2018 12:07:36, updated Jan 29 2024
Topics: Finance & Accounting BPO