“Automated Payroll Compliance For Ease of Business”
Key takeaways:
Introduction:
The company came into existence after the de-merger of its umbrella brand and was registered as a Non-Banking Financial Company (NBFC). Headquartered in Mumbai, the company has stood the test of time by diversifying in varied businesses and a growing team. Regulatory compliance requirements continue to grow as regulators demand greater information transparency and stronger protection for consumers and customer information. The vision of the company. has been to be transparent and give leverage and value to its shareholders. After the successful de-merger from multiple business wings, it has been important to streamline the current processes of the company not just internally, but also externally.
The Challenge:
Among the most common payroll issues noted in the same survey were "organizational inconsistency" in the payroll process, incorrect tax withholding, and over-and-under payments to employees. With the de-merger and diversification of the business, this problem became evident. Irrespective of the challenges of not filing payroll compliance on time, significant penalties and even legal sanctions were plaguing the company.
Getting to the heart of the problem:
For a financial institution, compliance and audit are an everyday affair. This resulted in having a significant team of auditors and financial experts, leading to a considerable cost to the company. There was also a lack of automation in the process leaving the cracks in payroll agency compliance. Despite a team of experts, the company incurred costs due to significant delays in payroll compliance filing. After the company decided to expand its business verticals, the problem was only accentuated. Unipe stepped in to find real and effective solutions to cut these costs.
The Solution:
Unipe’s real-time automated compliance filing and immediate onboarding (KYC) helped the company to reduce its dependence on manual labour and utilize them judiciously. Timely payroll compliance filing further helped in cutting costs remarkably. The added benefit of the Earned Wage Access also provided significant benefits to one of the most important stakeholders of the company-the employee.
Benefits of using Unipe:
Dependence on a huge finance team reduced and timely filing of payroll compliance.
Automated systems in place that could be managed easily.
Systems were also accommodative of any change within the business, taking into account the exponential growth.
An added benefit to employees with EWA access. Securing the financial future of those in finance.
Post-Unipe picture:
