A UK-based insurance company providing motorcycle insurance, offering technical expertise and customer experience to riders across the country.
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With over 500 employees and an annual payroll cost of £12Mn, the client’s payroll processes had turned convoluted. The accuracy was as low as 94%, leading to delayed processing and adjustment calculations, regulatory fines and penalties. On one hand, these caused high employee dissatisfaction, and on the other, significant cash drain to the company.
With the onboarding of Cogneesol as an end-to-end solutions provider, our team undertook in-depth due diligence of the payroll processes. A number of issues were identified, including non-value-add steps that caused the delays and gaps in the ERP systems. We worked with the client’s payroll SMEs and IT team to bring about the following changes:
Responsive payroll processing, corrective ERP changes improve payout accuracy, employee satisfaction levels, and eliminate regulatory penalties.
By implementing the redefined procedures and controls, Cogneesol’s team was able to turn around the payroll process and deliver immediate results:
Payroll management took a great deal of time at our end until we took the services of Cogneesol. They brought in technology for self-declaration of details, automated claims submission, leave records, and manager approvals saving time and eliminating inaccuracies and delays. This brought down the payroll cycle significantly and has led to increased employee satisfaction. The process efficiencies brought in by Cogneesol have resulted in huge cost savings.
Despite the severe constraints during peak COVID-19 lockdown, we could credit salaries to our entire staff on time thanks to Cogneesol’s continuous support through the month in payroll management. Cogneesol has turned out to be the perfect partner during this terrible pandemic. They handle our end-to-end payroll operations, give us reconciliation reports every month-end, and free us of salary disputes and discrepancies, giving us the bandwidth to concentrate on strategic matters.
Cogneesol established stringent quality parameters and timelines right at the beginning of our association. Owing to these SLAs, our payroll process underwent a transformation within a short period. Soon we had streamlined validation and review processes that were both in-depth and time-saving. With timely payouts, our employees, too, are a satisfied lot. We are grateful to Cogneesol for these efficiencies! Thank You!
We automated our Accounts Payable division with the help of Cogneesol’s team of qualified accountants. They came in with game-changing process improvements, including the elimination of data-entry errors with automated OCRs, the establishment of a ‘No PO No Pay’ policy, ensuring a system of timely payments, and elimination late fees. All of these have changed the face of our AP books. We are now in a great position to make strategic decisions.
Cogneesol increased our operational efficiency with timely payments and efficient management of our working capital. We are impressed with the dedication of the team and their professionalism. Most importantly, the team is professionally qualified and has the technical expertise to guide the accurate and compliant management of the payables process. Thanks to them, we have a non-manual AP function that functions seamlessly and has brought us significant cost savings.
We used to suffer from huge volumes of duplicate invoices and missed vendor payments. Cogneesol streamlined our Accounts Payable process by centralizing data, eliminating data entry, and streamlining the invoice workflow. This has not only eliminated the problem of duplicate invoices but has also standardized the payment system and has regulated our working capital management, making us financially stronger and in-control of our operations.