How it works
The global umbrella market is expected to approach US$ 9.2 billion by 2030, with an annual growth rate of 2% (Source: Rational Stat), indicating a steady demand for compliant and efficient financial management solutions in this sector.
Umbrella companies often manage complex financial structures, ensuring compliance with ever-changing regulations. Without efficient solutions, navigating such dynamics can lead to increased risk and operational inefficiencies, hindering overall performance. By effectively addressing these situations, umbrella companies can streamline operations, reduce administrative burdens, and focus on driving growth and profitability.
How IMS Decimal supports umbrella companies
With our keen expertise in outsourcing services, we help umbrella companies to achieve greater operational efficiency, and focus on their core competencies, while we handle the intricacies of financial management.
Services for Umbrella Companies
1. Setting up of Candidates and Clients:
- Candidate Profile Creation
- Client Profile Setup
- Document Verification
- KYC (Know Your Customer) Compliance
- Due Diligence Checks
2. Queries Management:
- Handling Candidate Queries
- Handling Client Queries
- Compliance Issue Resolution
- Escalation Handling
- Documentation Support
1. Manual/Electronic/Portal Transactions:
- Manual TS
- Electronic TS
- Portal TS
2. Candidate Queries:
- Query Resolution
- Transaction Clarifications
- Transaction Disputes Handling
- Customer Service Support
1. Payroll Check:
- Payroll Calculation
- Payroll Validation
- Error Checking
- Payroll Auditing
2. Adjustments of Previous Week:
- Retroactive Payroll Adjustments
- Correction Processing
- Backdated Payments Handling
- Tax and Deduction Adjustments
3. Payment Processing and Setting up of Payments:
- BACS (Bankers’ Automated Clearing Services)
- Faster Payments
- Payment Authorisation
- Payment Scheduling
4. EPS/FPS (Employer Payment Summary / Full Payment Submission):
- EPS Submission
- FPS Submission
- Tax Reporting
- Compliance Reporting (Monthly P12 and Quarterly HMRC Report)
5. P45 & P60:
- P45 Issuance
- P60 Issuance
- Tax Documentation Handling
- Year-End Reporting
1. Margin Reports:
- Profit Margin Calculation
- Revenue vs. Cost Analysis
- Margin Trend Analysis
2. Cost of Sales Reports:
- Cost Analysis
- Sales Expenses Tracking
- Cost Allocation
3. Sales Reports:
- Sales Performance Tracking
- Revenue Analysis
- Sales Forecasting
- Consultant Margin
1. Payment Reconciliation:
- Payment Verification
- Reconciliation with Bank Statements
- Discrepancy Resolution
2. Query Resolution:
- Post-Payroll Query Handling
- Payment Dispute Resolution
- Payment Investigation
3. Documentation and Filing:
- Document Archiving
- Record Keeping
- Compliance Documentation Management
4. Customer Support:
- Post-Payroll Customer Assistance
- Payment Related Queries Handling
- Issue Resolution
Why IMS Decimal?
Robust Processes
Quick Turnaround Time
Scalability
Cost Efficiency
Software deck
