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Benefits Of Outsourcing:
A large payroll department is expensive. Even for small and medium enterprises having a full time payroll department takes significant costs. These costs can be saved by outsourcing.
With an internal processing, payroll takes solid hours of clerical and manual labor even if digital support is available. Outsourcing is a worth while option to save time which can be allocated to better options.
Outsourcing payroll improves overall productivity. Preparing payroll takes strong communication of HR, accounts and administrative departments. This communication eats time. Further shift from clerical work to strategic and important issue increases productivity.
Payroll is maintained by organizations which are expert at doing it. The payroll outsources on average contains much lesser errors and mistakes.
Peace of mind has its own value. You are allowed to focus on what is more important and strategic.
Scope Of Payroll Services:
Oaj e Kamal (OJK) will input/capture, compute and finalise the Client’s payroll i.e. claims and monthly salary payouts. This will be carried out in strictest confidence by Oaj e Kamal based on all payroll related information provided to us by the Client or clients bankers or statutory bodies in Pakistan and any other organization approved by client for payroll data provision.
We will seek Client’s authorised payroll signatories for their signatures on Letter of Instructions to multiple banks prior to designated date of crediting.
On monthly basis, we will make timely cheque request and funds requisition to the Client for the payment of salaries and wages via multiple bankers, statutory payments ,salaries by cheque, namely resignations and new hires after the monthly payroll cut-off date.
We will remit all payments stipulated in item 4 with the relevant documentation to the relevant bodies before their respective deadlines. This will include banking in of cheques into employees’ bank accounts.
A time schedule will be agreed between OJK and the Client, stipulating the deadlines for:
i. Submission of data (employees’ formation / allowances/ deductions / resignations / new hires, etc) to us.
ii. Submission of reports to the Client for vetting before finalisation of payroll;
iii. Preparation of funds and payment of salary to employees via bank accounts or other means;
iv. Submission of reports to the Client for record keeping;
ü Issuance of cheques by the Client as payment to statutory bodies
We will prepare all standard payroll reports, after each payroll period as follows:
i. Payroll summary
ii. Allowance and deduction reports
iii. Overtime reports
iv. Salary reconciliation reports
v. Bank listing
vi. All statutory forms
We will print out pay-slips for every payout monthly, sort and distribute directly to the Client’s employees at client’s designated premises (1 to 3 locations).
We will prepare clients with necessary reports as mentioned in 7 above.
However, as and when there is a need for additional assistance in any payroll matters that will have to be accomplished as a project; then a formal quotation will be prepared for the Client.
Compute leave balance based on financial month end and upload the information to Client’s accounting system for computation of leave accrual.
Additional Services Carrying Extra Price:
We will function as a helpdesk for all the Client’s payroll matters, answering calls and emails daily. Our office hour are from 8.30am to 5.30pm Mondays to Fridays.
We will prepare the accounting journals for payroll cost and accounting journals for financial month end provisioning in the format required by Client.
We will perform reconciliation on all payroll related accounts and prepare adjustment journals for the reconciliation on a monthly basis.
We will render the additional services of assisting the Client in capturing and screening the information provided by the Client to ensure that they are in accordance with the Client’s company’s policies and procedures and all government regulations.
Optional Upon Specific Payment: We will prepare the Employer’s Return for Annual Tax submission to the Federal Board of Revenue at the end of tax year. This will be charged separately, however at a discounted price.
Creating help desk for all the Client’s payroll matters
Preparing accounting journals for payroll cost and accounting journals for financial month end provisioning
Perform reconciliation on all payroll related accounts and prepare adjustment journals for the reconciliation on a monthly basis. Additional 2.5% to 5% of monthly payroll
Employer’s Return for Annual Tax submission to the Federal Board of Revenue Charged separately
Out of pocket expenses namely dispatch costs, printing and stationery, travelling expenses based on PKR 20 per Km, to and from Clients Office, and other incidentals shall be billed at actual costs
The amount quoted will be after tax received. Any tax deductible as with-holding tax will be added to total invoiced amount
We propose to provide the above services using customized payroll software. Our system is user friendly which makes it powerful and reliable.
The above applications will be hosted in our secured servers, workstations, networking equipment and operating systems with proper backup devices.
All data sent to Client in relation to employees’ information will be encrypted to protect customers’ confidentiality.
Outlined below are procedures of outsourcing services engagement between OJK and Client:
We will provide an Official Outsourcing Service Quotation and Complete Scope of Work to Client.
Client shall agree and sign in an Outsourcing Service Contract with us consented by both parties.
Client shall provide us all information related to initial setup of its human resource, payroll, accounting and all other related information.
We will proceed to setup all necessary systems and routines of its monthly outsourcing services.
Client shall open a corporate banking account in Pakistan for payment to payroll, operating expenses and all other necessary payouts.
We will prepare Fund Requisition Sheet for Client for verification and authorisation.
We will request Client Head Office/Management to transfer fund into Client’s corporate /business banking account in Pakistan for preparation of cheques to all contractors, employees and creditors.
We will prepare all authorised monthly payment cheques for Client’s authorised signatories to sign before dispatching those cheques to all parties.
Project Task Management:
Our project management is comprised of the following phases:
1. Project kick off meeting
2. Detailed processes and requirements study
3. Review meetings
4. Internal training
5. Parallel run
6. Review meetings
7. Live run
8. Review meetings
9. Project sign off