Payroll

 

Why outsource your Payroll & Provident Fund services?

More and more companies are seeing the value in outsourcing their payroll function to the GRS group company - Fairfax Yeaman. Outsourcing of Payroll is being driven by a number of factors including freeing up employee’s time to focus on their core business and to save on costs by avoiding the overheads associated with employing a dedicated in-house payroll specialist.The highly technical and confidential nature of payroll also makes it a prime service to be outsourced as costly mistakes can be made when handling complex remuneration calculations, statutory fillings and dealing with legislative changes in Tax and Social Insurance.


The decisions to outsource activities such as payroll can
only be taken when a trusted partner can be found.

Why GRS?

GRS are the leading and largest Recruitment and Payroll consultancy in Cyprus with offices in Cyprus (Limassol & Nicosia) and Malta and who have provided Payroll services through group company Fairfax Yeaman to some of the world’s leading companies and organisations operating in Cyprus including: Oracle, Sony, Hewlett Packard, GSK, Barclays Bank, Energy International, GE Capital, Elisabeth Arden, HM Government UK and the EU Commission.

At GRS we are dedicated to minimizing your payroll administration allowing you to focus on the core activities of your business. The GRS managed payroll service provides you with a personal contact who is dedicated to supporting your business and is available to answer any queries you may have. Our high level of personal service ensures that you receive an accurate payroll and that your most important asset - your ‘human capital’ is paid in an efficient and timely manner.

CONFIDENTIALITY

  • We limit the risk of exposing confidential payroll information to unauthorized personnel.
  • We implement the latest technology and security systems.
  • Minimize payment related risks e.g. incorrect payments ,fraudulent payments.

EFFICIENCY

  • Free up employees’ time to focus on more productive business activities.
  • Save on costs by avoiding overheads associated with employing payroll specialist in- house and having the technical support to provide this task.

COMPLIANCE

  • It makes compliance with rules and changes in government regulations easier and more effective. You are guaranteed to be up to date with complex changing legislations and Employment Law.
  • Accuracy with the implementation of internal company policies.

 

Our technical infrastructure to undertake these services?

Co-founded in January 2005 by Steve Slocombe and Donna Stephenson, GRS rapidly established itself as a leading recruitment agency specialising in tailor-made, high-tier recruitment solutions. Nicoletta Demetriou heads up the payroll department, a member of the Cyprus Institute of Certified Public Accountants and a top four qualified Fellow Member of the ACCA, Nicoletta is an expert in monthly payroll preparation and works persistently hard to ensure the needs of her clients are professionally, accurately and appropriately met with.

Nicoletta and her team work quickly and efficiently to ensure that all aspects of payroll services for a business are up-to-date, and have the tools and expertise in place to take on a range of important payroll-related tasks that are typically time-consuming when performed in-house.

Over the years, Nicoletta and her team have worked with a variety of clients from fresh start-ups to internationally recognised organisations. The Cyprus payroll team are always on hand to assist any company in establishing their personnel from day one and possess an in-depth knowledge of compliance, government and employment regulations, ensuring you are up-to-date with any complex changes in legislation or Employment law.

By outsourcing your personnel and payroll requirements to GRS, you can rest assured that all of your required functions will be quickly, securely and accurately completed. This will save you both time and money in the long-run, thus freeing up precious time to concentrate on the important value-added and revenue-generating activities that make your business flourish. 

 

Our Core Payroll services

Our core payroll services include fully managed payroll service i.e processing, compliance and administration.

Elements of this service are:

  • Registration of your company as an employer to the local authorities ( Social Insurance and Income Tax)
  • Registration of your employees with the local authorities ( Social Insurance and Income Tax, were applicable)
  • Preparation of weekly or/and monthly payroll calculations
  • Salaries in any currency with custom calculations through user defined formulas for earnings, deductions or contributions.
  • Overtimes Shift allowances.
  • Bonus, 13th salary calculations (where applicable).
  • Deduct absences. Keeps track of employee vacations, sick-leaves, etc.
  • Preparation of tax computations for each employee to accurately determine the monthly tax deductions, based on the
  • signed IR59 form of the employee.
  • Arrange timely payment of wages, salaries and deductions (Income Tax and Social Insurance).

Reporting

  • Monthly payslips
  • Payroll analysis (single payroll or any date range) with department and cost centre analysis.
  • Journal entries for the accounting department.
  • Bank payment instructions.
  • Timely preparation and submission of annual tax returns e.g IR63 (Employees’ Certificate of Emoluments), IR7 (Employer’s Return)
  • Provident fund reports.

 

Our Core Provident Fund services

Our core provident fund services include the following:

  • Assistance with the preparation of the Provident Fund Rules and Regulations
  • Registration of the Provident Fund with the Local Authorities in Cyprus including the preparation of all the relevant paperwork i.e applications
  • Administration e.g monthly bookkeeping and updating of the Fund records
  • Accurate annual income allocation to members’ accounts and preparation of annual member’s statements.

To discuss our payroll services please contact us for further information:

LIMASSOL, CYPRUS
Donna Stephenson
TEL: +357 25 342 720
EMAIL: donna@grsrecruitment.com
www.grsrecruitment.com

NICOSIA, CYPRUS
Steve Slocombe
TEL: +357 22 769 369
EMAIL: steve@grsrecruitment.com
www.grsrecruitment.com