With over 25 years’ experience, Capita is one of the UK’s leading providers of business process management and integrated professional support service solutions with 64,000 staff across the UK, Europe, South Africa and India.
Capita HR Solutions is the largest provider of outsourced HR services in the UK and manages over 1,650 clients and processes approximately 10 million salary payments on a yearly basis to 800,000 client employees. Cashfac has been instrumental in automating account administration and eliminating complexity in managing multiple bank accounts.
As with many payroll and HR consulting firms, the management and reconciliation of multiple client bank accounts can be an intensive and time consuming process. Lack of transparency coupled with a reliance on spreadsheets can also make cash management processes onerous; with transactions often being recorded manually which increases the risk of formula errors.
Introducing the further complexity of monitoring and recording the progression of payments in both spreadsheets and the banking system results in slow timescales and labour intensive activity which can be prone to errors.
Cashfac provided Capita HR Solutions with technology to scale their existing client account structures whilst providing greater visibility and control over money movements for their clients. The payments and reconciliations process has been fully automated and integrated into existing back office technology to provide a secure, transparent and auditable process that reduces reliance on manual processes and ultimately saves them time and money as well as reducing risk.
Cashfac provided a single platform to manage the entire account infrastructure and virtualise their client accounts. Capita HR Solutions can fully reconcile each client pay period and has greater visibility into any discrepancies in client accounts. Any discrepancy is identified through a daily automated reconciliation and embedded notifications flag when an expected payment has not been received on time.
Cashfac provides a solution to proactively rather than reactively manage cash with a clear, real-time view of expected values, forward values and funds within client accounts and reporting to streamline monitoring of all money flows.
Linda Bicker at Capita HR Solutions said “Cashfac is completely scalable and has grown with us as our client base has grown. The core Cashfac system integrates well with our internal business systems meaning that new clients and new HR sites can be set up and added easily”
Cashfac has fully automated the management and control of payments and reconciliations providing real time visibility across the entire lifecycle of client transactions. The benefits include:
- More effective audit and reporting capabilities
- Automated reconciliation processes leaving only a few exceptions to manually allocate
- Connectivity to primary systems to receive downstream feeds converting them into expectation to receive credits and debits
- Reduced reliance on manual processes and paper trail
- Automated payment collection, reconciliation, receipt allocation and matching