Mexico Payroll and Benefits Management Shelter Services
Payroll and Benefits Management
Because manufacturers are operating in Mexico under the Prince Manufacturing Shelter Services business model, and are not themselves incorporated in the country, Prince provides comprehensive Mexico Payroll and Benefits Management services. This is an area in which Prince assumes all the responsibilities that managing payroll and benefits in Mexico for employees entail. Performing this essential service is another means by which Prince’s team of Mexico experts creates an environment in which manufacturers can concentrate on doing what they do best.
The benefits of the having Prince take charge of Mexico Payroll and Benefits Management under its Mexico Shelter Service includes:
- The utilization of the services of a Prince Manufacturing staff that is up-to-date on all laws, issues, and requirements having to do with Mexico Payroll and Benefits Management. Prince clients can be sure that, as its service provider, Prince’s payroll experts work diligently and completely within the applicable legal framework as defined by Mexican law. In addition to being up-to-date on all requirements related to the management of payroll and benefits in Mexico, Prince’s qualified team has the latest in payroll preparation technology at its disposal;
- Mexico Payroll and Benefits Management cost reduction. Because Prince Manufacturing trains its staff and provides payroll and benefits software and purchases all upgrades when needed, Prince’s Mexico Shelter Service clients do not have to expend resources in this costly area. Additionally, since Prince Manufacturing provides this service to a number of companies, all clients enjoy cost savings that result from the economies of scale that are generated under a “shared services” Mexico Shelter business model;
- The benefit and confidence of being certain that the job is being done right. Companies that work under the Prince Manufacturing’s Mexico Shelter Services business model can rest assured that the calculations for the preparation of payroll and the payments of taxes and benefits will always be the correct ones. They will also be certain that this important competitive information will be kept confidential and that all databases containing Mexico Payroll and Benefits Management information will be backed-up. Prince customers will also have total certainty that its payroll will be disbursed correctly and on time and that Prince employees will follow all Mexican laws related to this function to the letter;
- Availability and access to information. At any time, client company management and/or staff may request to see and examine all payroll and benefits administration data. Prince will always make one of its experts available to go over any questions or issues in this area of their Mexico operations. Prince Manufacturing’s Shelter Service customers can be certain that all information related to payroll, fixed, and additional payments will be current and up-to-date;
- The avoidance of government audits. Since under the Prince Manufacturing Mexico Shelter Service business model all direct and indirect employees are legally employed by Prince, client companies are not subject to audit risk. The responsibility of complying with all the rules set by Mexico’s Secretariat of Finance and Public Credit (SCHP) lies with Prince and its staff of experts.
The principal functions that are performed by the Prince Manufacturing team of Mexico Payroll and Benefits Management experts include:
- The calculation of payroll and benefits;
- The payment of taxes and government-mandated employing benefits including INFONAVIT (the Mexican Federal Worker Housing Fund) IMMS (Mexican Social Security), and the Mexican Retirement Savings Fund;
- The crediting of any applicable funds to company-provided employee savings programs;
- The filing of monthly and annual reports with Mexican government agencies that include IMSS (Mexican Social Security), INFONAVIT (Mexican federal worker housing fund), and INEGI (The Mexican Institute of Statistics and Geography);
- Reports made to banks and other financial entities.
Other shelter manufacturing “non-core” functions provided by Prince Manufacturing include:
- Mexico Transportation and Shipping;
- Mexico Logistics and Supply Chain Services;
- Mexico Human Resources;
- Mexico Accounting Services;
- Mexico MRO Vendor Management;
- Mexico Import-Export;
- Mexico Facilities Management;
- Mexico Consulting Services.
Please contact us to determine if there is a good fit between your company’s needs and Prince Manufacturing’s Mexico Shelters.
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