Third Party Payroll Services
As a strategic HR partner, Islamabad Recruitment Company ( Pvt. Ltd ) responded to the need of the time and launched its second largest wing of third party payroll outsourcing services with the aim to offer flexible and streamlined payroll outsourcing services at a competitive practices and prices. Our goal is to help our clients achieve tangible benefits in the areas of cost savings as well as increase service level performance. We are proud to be a part of great success of companies like Fauji Group of Companies, Fiber Home International.
Since the inception of this wing we have successfully deployed our functional payroll solution at client’s work station in order to facilitate our clients with most efficient and effective services. We specialize in providing the dedicated unit to resolve Industrial relations, Human resource statutory compliance to public sector bodies such as taxation, Social Security, Employee grievance, Employee Engagement Programs.
Scope of Services
In order to deliver Third Party Payroll Services , We adopt Following process.
- IRCO inputs/captures, compute and finalize the Client’s payroll i.e. claims and monthly salary payouts. This is carried out in strictest confidence by IRCO based on all payroll related information provided to IRCO by the Client, Statutory Bodies in Pakistan.
- IRCO renders 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.
- IRCO seeks Client’s authorized payroll signatories for their signatures on Letter of Instructions to multiple banks prior to designated date of crediting.
- On monthly basis, IRCO makes timely cheque request and funds requisition to the Client for the payment of salaries and wages via multiple bankers, statutory payments, namely, Faysal bank, Standard Chartered bank & ETC salaries by cheque, namely resignations and new hires after the monthly payroll cut-off date.
- IRCO remits all payments stipulated in item 4 with the relevant documentation to the relevant bodies before their respective deadlines. This includes banking in of cheques into employees’ bank accounts.
- As per agreed time schedule between IRCO and the Client, stipulating the deadlines for:
- Submission of data (employees’ information/allowances/deductions/resignations/new hires, etc.) to IRCO.
- Submission of reports to the Client for vetting before finalization of payroll.
- Preparation of funds and payment of salary to employees via bank accounts or other means.
- Submission of reports to the Client for record keeping.
- Issuance of cheques by the Client as payment to statutory bodies.
- IRCO will prepare all standard payroll reports, after each payroll period as follow
- Payroll summary.
- Allowance and deduction reports.
- Overtime reports
- Salary reconciliation reports
- Statutory compliance Reports
Group Payroll
Should you have many companies under one group of companies, IRCO will print out all reports for different entities as well as consolidated reports for management’s decision assistance.
- IRCO disburses the pay slip for every payout monthly, sort and distribute directly to all locations with the Client’s employees throughout Pakistan.
- For any employment of new staff or resignation, IRCO will submit all relevant documentation to the relevant authorities on your behalf.
- On an ad hoc basis, IRCO prepares necessary reports requested by the Client, but within the capability of payroll software. 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.
- On an ad hoc basis, IRCO prepares necessary reports requested by the Client, but within the capability of payroll software. 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.
- IRCO functions as a helpdesk for all the Client’s payroll matters, answering calls and emails daily. Our designated team leads can be approached for any relevant issues during any time of the day.
- IRCO prepares the accounting journals for payroll cost and accounting journals for financial month end provisioning in the format required by Client.Compute leave balance based on financial month end and upload the information to Client’s accounting system for computation of leave accrual.
- Compute leave balance based on financial month end and upload the information to Client’s accounting system for computation of leave accrual.
- IRCO performs reconciliation on all payroll related accounts and prepare adjustment journals for the reconciliation on a monthly basis.