Our client in the UK runs an umbrella company which is an association of respected agencies with over 25,000 contracted employees. In order to simplify the process of organizing all of the contracted employees, an online platform was implemented. The platform features many options for each contractor to maintain their account, whether it is updating their timesheet or reviewing their payment and tax details.
The online platform allows account managers to handle operations effeciently and at the convenience of the contractors. Our client collects the payments from the agencies and allocates the payments directly to the contractors in a timely manner while maintaining meticulous bookkeeping for them. In many scenarios, our client pays the contractor first and then collects the payment from the agencies thereafter. At the end of the year, the client files taxes on behalf of the contracted employees.
Our client had difficulties processing the timesheets of the contracted employees in time due to the high rate of registration and attrition. Additionally, most of their time was invested in collecting funds from the associated agencies. Due to this, their ability to maintain payroll-related activities was affected, consequently damaging the relationship with contractors and agencies.
The client approached Vee Technologies to devolve most of their important payroll processes including the maintenance of individual contractors' timesheets and expense details. This process was successfully executed by us on time with 100% accuracy.
Our efficient way of managing operations resulted in client confidence, they handed over their entire funds allocation process with direct access to their bank accounts, they migrated their payment and disbursement processes to us and after years of partnership we now provide end-to-end solutions to serve this client.
Benefits to client
- Fluctuation in volumes is handled by Vee Technologies
- They have reduced the number of account managers necessary to operate the business
- In-house managers can concentrate on their core business activities including the onboarding of new contracted employees
- Cost savings of 45% and accomplishment of organizational financial objectives
- High-end output provided to the client
- No recruitment, training or ramp up issues are necessary