Payroll services in Cyprus deal with managing the payments made by a company to its employees. Cypriot companies can request the services offered by an accounting firm in Cyprus and this third-party payroll services processing is common among business owners.
What is included in a payroll service?
The payroll service can include the following:
- Data collection: collecting data about the employee’s work hours, the timesheet verification, as needed, especially workers in certain types of companies in Cyprus that use timesheet verification methods.
- Calculation: the actual calculation of the salary, according to seniority, job position, and bonuses that may apply in a given month.
- Payslip: drawing up and submitting the payslip for each of the company’s employees.
- Submissions: making all and any necessary payroll tax submissions with the relevant Cypriot tax authorities.
Our accountants in Cyprus offer customized payroll packages suited to the number of employees and the needs of the company.
Why should companies choose specialized payroll services?
According to law, the employer must withhold personal tax on the salary for each employee. Outsourcing the payroll services can be a preferred method for all types of companies, especially since in some cases this can have a price that is more affordable compared to having to train an internal payroll specialist and purchasing the needed payroll software.
The experts at our Cypriot accounting firm offer complete payroll services to companies in all business fields. We also tailor our services to small businesses with five to ten employees or less. By using our specialized services, you can handle the payment process easier and to the benefit of your employees.
Our accounting firm in Cyprus offers a complete package for companies that include payroll but also bookkeeping and financial reporting. We also help investors with tax returns and strategy in order to avoid any unnecessary penalties.
Contact us for more information about the services we provide.