For a recruitment agency, one of the most critical functions is pay and bill processing. It can often prove to be a complex and time-consuming function due to its multi-step nature and everchanging legislations. To add to that, it is also expensive to build and maintain in-house expertise, hire additional staff, and regularly upgrade payroll software. Furthermore, recruitment agencies also need to maintain complex records of several candidates and ensure that they’re all paid on time, otherwise they are at risk of losing both candidates and employers.
A smart way to streamline the pay and bill process is to partner with an experienced sourcing agency, thus freeing up your onshore teams of the complexities. At QX Global Group, we leverage a combination of the right people, processes and platforms to deliver payroll operational excellence to our clients.
Before we dive into the automation process, let us quickly look at the various processes involved in the pay and bill function.
Generally, the pay and bill process has five key elements:
1) Onboarding contractors and clients;
2) Processing and managing timesheets;
3) Inputting payroll information into the accounting software;
4) Running a customer helpdesk; and,
5) Monitoring performance through dashboards and reports.
Now, let’s look at how QX automates the entire payroll process.
1) Information transfer: An automated interface between the front-office and payroll software enables information transfer with the help of APIs or bots.
2) Timesheet management: An automation tool identifies, extracts, and converts paper timesheets and images into the required format. For VMS timesheets, a downloader bot logs in to the client’s portal and downloads the timesheets in CSV or Excel formats.
3) Payroll processing: Direct processing of timesheets can be done through a native web or mobile interface. A proprietary timesheet calculator splits the hours as per client rules and makes automatic calculations. Timesheets that do not fulfil the processing parameters are rejected and submitted for query resolution, post which payments are processed and recipients are sent payslips and invoices.
4) Query resolution: The payroll team deals with and resolves queries from candidates, credit controllers, and front-office consultants. A proprietary query management system, QX MailerDesk, a ticketing system, tracks the turnaround time for query resolution and effectively monitors SLAs.
5) Data analysis: All the data collected by the payroll software is converted into interactive MIS reports with the help of software like Power BI & tableau to offer in-depth insights to clients.
There are several benefits that your business can reap from pay & bill automation. Let’s look at a few of them.
QX worked with a leading recruitment agency to automate the pay & bill function, resulting in savings worth £6.5 million – click here to read the transformation story.
So, you’ve understood how QX automates the pay & bill function and learnt some benefits of automation. But, is automation the right move for your business? Let’s look at some recent developments on the payroll automation front.
According to a 2019 study conducted by EY, automation remains a top payroll service delivery challenge as companies continue to invest heavily in emerging technologies. Additionally, it notes that cloud-based solutions and artificial intelligence (AI) are gaining momentum in the payroll space.
A recent global survey conducted by SSON in collaboration with Zellis found that enterprises are beginning to recognise the benefits of automating payroll processes. A staggering 80% of respondents said that they are leveraging a hybrid process for payroll processing, clearly indicating that several businesses are recognising the benefits of automation and are willing to adopt relevant technologies.
Another interesting development is that Pento, a Danish payroll automation start-up, raised $15.6 million in a Series A funding in May 2021. The start-up, which claims to have 700 clients, automates the entire payroll process, conducts payments, and integrates payroll software with other HR products.
QX is one of the leading high-volume pay & bill providers for the recruitment industry in the UK and EU, processing over 1.5M timesheets annually with an average accuracy rate of 99.8%. In addition, we can also help your business improve process efficiency by 40-50% and facilitate faster query resolution & SLA tracking.
Get in touch with our experts for personalised advice on how to transform your pay & bill function today.
Originally published Nov 04, 2021 11:11:37, updated Dec 08 2021
Topics: Pay & Bill Automation