qx f&a and payroll overview
Post on 13-Apr-2017
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Capabilities Overview
Member company of:
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Corporate Overview
Industry Solutions Global Accreditations Awards & Recognitions
Global Consulting & Outsourcing Company Proven off-shore delivery model CoE in 4 locations worldwide including 2 locations in India
700+ employees across all facilities25%+ employees have worked in UK
Blended rates & highly skilled finance & accounting team Flexible business model to deliver business value Robust quality process Track record of strong and long standing customer relationship 100+ Clients across industries
Disclaimer: Used logos are the property of their respective owners
Why choose QX F & A Outsourcing
Provides UK businesses with finance, accounts and payroll services to help them to deliver greater profitability through improved processes.
Increased efficiency through process rigour
Detailed reporting tailored to your needs
Experience of working with various
accounting software systems
More time to focus on core business and
high-end tasks
Reduced processing costs – up to 50%
Qualified accountants and payroll specialists
Insights for smarter business decisions
Consistently high level of accuracy with quick
turnarounds
Areas of Engagement (Transaction and Judgment Intensive)
Credit Control•Payment chasing and query resolution•Cash posting and allocation•Ageing report with comments•Customer Account Reconciliation •Liaise with legal compliance department•Bad Debts Reports
Accounts Payable•Supplier Set up and maintenance•Purchase order processing•Invoice and payment processing•Expense claim processing •Supplier Statement Reconciliation•Helpdesk Support
Payroll •Daily/Weekly/monthly payroll•Statutory deductions •Customised payroll reports•RTI submission and statutory compliance
General Accounting•Bank Reconciliations•Journal Entry Postings•Reconcile Control Accounts •Accruals and Prepayments•Manage Consolidation
Accounts Receivable•Customer Set-up•Customer Invoicing•Revenue Reconciliation•Cash allocation
Financial Reporting•Management Accounts•Budgeting and Forecasting•Commentary and Variance Analysis•KPI Reporting•Decision and Planning Support•VAT & Regulatory Reporting
Payroll for recruitment companies
Most common challenges for recruitment companies
Transforming to “Smart Payroll Processing”
•Managing overpayments•Timely payroll processing•Timesheet management •Accurate record keeping•Overpayment recovery•Upgraded technology
•Using hours calculator to split hours automatically•Sending text to employees
• on receipt of timesheet• on rejection of timesheet• to inform about the payments made
•Cost & time saving by sending e-payslip•Sharing e-invoices to clients through email•Advantage of time zone difference
QX makes any payroll process a smart payroll process by bringing its knowledge, experience and best talent under one roof
Payroll for recruitment companies
QX Payroll Services
Payroll software capabilities (not limited
to)
•Pay & Bill (Daily/Weekly/Monthly)•Running BACS report•Generation of pay slips•Gross margin report•RTI submission•Intermediaries reporting•Client invoicing•Dealing with payroll queries•Payroll helpdesk
Dedicated payroll professional working closely together to deliver exceptional client services.
Disclaimer: Used logos are the property of their respective owners
Case Study: Payroll Services
Business challenge 1.Struggling with daily processing of timesheet
Late payments
Overpayments
2.Inaccurate recording of payroll data
Time consumption of resources towards adjustments
Untimely reporting to management
3.Staff attrition, poor quality check and high cost of salaries
QX solutions1.Implementation of bespoke payroll management system
Automated the payroll process to ensure fewer discrepancies
Quick turnaround in payment processing
2.Digitised and centralised all records on a secure internet based platform resulted in
a) Timely reporting to management
b) Eliminated latency issues in reporting to NIL and achieved 100% tracking on payments
3.Management of core deliveries by internal staff back-up for uninterrupted services
Reduced payroll adjustments by 96% and delivered cost savings by over 50%
Client type: One of the biggest global providers of health and social care professionals serving the NHS and healthcare industry.
Payroll Experience (With Recruitment Companies)
12+Years of experience
Payroll1 Billion+
Cumulative annual turnover of clients
10+Clients
720,000+timesheets processed annually
“Realised Value”o Lower Costo Faster Deliveryo Better Services
“Value Addition”o Continuous process improvemento Advising on challengeso Partnership approach
Sample Payroll Accuracy Report
0.2% v/s 4.1%95.12% of less errors as compared to beyond staff errors
99.8%+Accuracy level
Credit control for recruitment companies
Invoicing•Pre Invoice Check•Invoicing•Post Invoice Verification•Chasing via Telephone, Email or FAX
Follow up
•Invoices not yet approved•Invoices under query•For payments promised•Accounts Payable not available•Dunning Letters and Statements
Collection
•Update remittance advices and receipts from Bank statement•Payment allocations•Debt collection against previous Aged Debtors report•Credit Control MIS Reports
What we do as “Credit Control Management”?
Case Study: Finance & Accounting
Delivered cost savings of 50% on an ongoing basis
Client type: The client is a healthcare personnel staffing company serving the NHS and health care industry.
Business challenge 1.Manual preparation of Management Accounts for each division
Lack in tracking and updating mechanism towards Management Accounts
Management Accounts production was labour intensive and time consuming
Untimely delivery and poor financial reports
2.Incorrect revenue recognition and cost classification resulting in inadequate reports
3.Time consuming manual reconciliation for the master vendor
QX solutions1.Feasibility check on automatisation with existing software supplier
Implementation of automatisation via software supplier
Delivered improved accuracy with faster turn around time
Introduced delivery schedule with first draft production by the 7th working day of each month
Developed meaningful reports with graphical representations of divisional performance along with variance commentary and KPIs
2.Brought discipline into the bookkeeping by redefining the chart of accounts
3.Implemented logical formula-driven Excel template for volume data reconciliation with more accuracy and faster turn around time
Experience By The Numbers (Annually)
Our Skill, Accounting! Your Focus, Strategic!
1,000+management accounts produced
20+ clients
110,000+accounts payable invoices processed
220,000+sales invoices processed
120,000+cash transactions processed
10,000+reconciliations completed
700,000+timesheets processed
Sample Dashboard
Value Proposition
Cost/Value•Reducing operational cost of finance & accounting by up to 50%•Driving short & long term saving to future investment•Improve business metrics and reporting•Decrease and manage spend categories effectively and efficiently
Agility•Scalable delivery and operations support for global growth•Create flexible partnership model•Convert semi-fixed cost to variable•Shifting resource to higher value activities
Capability•Implementing best practices across a wide range of industries•Access to low cost talent pool and skilled staff•Continuous innovation for process improvement•Commitment to change management
Accounting and Payroll Software Proficiency (but not limited to…)
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Security Systems•Secured firewall with content filtering•Stringent personal policy for all employees
•Regular performance audit of the security systems•Physical security - manned entry points•Access restricted to personal email accounts•Restrictive access using magnetic door locking mechanism
Security, Data & Infrastructure
Data Protection•Compliant with UK data protection act•Comprehensive confidentiality and non disclosure agreement•External media devices are blocked at workstation level•Removable storage devices, smart phones, etc blocked on workstations•Daily Back up of Data and storage at secure off-site location
Infrastructure•65,000 Sq ft state-of-the-art office space•High speed point-to-point leased lines •High speed internet connectivity with back-up link•Dell, IBM, HP servers & computers•Next room telephony system with Avaya Definity servers and IP phones• Video conferencing facility
Disclaimer: Used logos are the property of their respective owners
Transition Management
Phase Identification Planning Implementation Appraisal
Objective
Method
Duration
Determine ideal function to be
outsourced
Define expectations,
Plan Migration
Implement
Plan
Continuous performance
evaluation to ensure consistent delivery
Analyse logistics, Cost benefit ratio,
Technical feasibility
Training Agenda, SLA’s, Timelines,
Reporting structure schedule
On-site training, Documentation of key variables, Going live
with project
Single point of contact, Regular
meeting, Ongoing quality review
1 Week 1 Week 4 - 6 Weeks Periodic
“A strict governance process comprised of participants of both client and QX to maintain service level…”
Next Step…
Requirement AnalysisRequirement Mapping
Questions & Answers…
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