Our client in the UK runs an umbrella company which is an association of respected agencies and contracts with over 25000 contractor employees. In order to simplify this process, an online platform is used. The platform features many options for each contractor to maintain their account, whether it is updating their timesheet entry or reviewing their payment and tax details.
The online platform also has account managers to take care of all operations for the convenience of the contractors. Our client collects the payments from the agencies and makes the payment in parallel to all the contractors on time. There are many scenarios where our client pays to the contractor first and collects the payment from the agencies thereafter. They pay the contractors in a timely manner and maintain meticulous book keeping for them. They also file taxes on behalf of contract employees.
Our client had difficulties in processing the timesheet of contractor employees in time due to the high rate of registration and frequent attritions. Also, most of their time was invested in collecting funds from the associated agencies. These reasons were affecting their ability to maintain payroll-related activities, consequently damaging the relationship with contractors and agencies.
The client approached Vee Tech to devolve most of their important phases of payroll processes such as maintaining individual contractors' timesheets and expense details.
This process was successfully executed by us on time with 100% accuracy.
This led to the client endorsing us to take care of the allocation of the entire funds process with direct access to their bank accounts. Our efficient way of managing this service resulted in the client being confident enough to hand over their entire funding process to Vee Tech.
Once this process was carried out to the fullest satisfaction, the client migrated their payment and disbursement processes also. We now provide end-to-end services to our client.
Benefits to client
- Fluctuation in volumes is taken care of by us
- They have reduced the number of account managers as part of cost cutting
- In-house managers can concentrate on their core business by getting more contracted employees on board
- Cost saving of 45% and accomplishment of organizational financial objectives
- Best quality output provided to the client
- No recruitment, training, or ramping up issues