Payroll Management

In Cyprus, payroll is typically processed on a monthly basis, with payments generally made at the end of each month. However, we can accommodate different payment frequencies based on your business needs, including weekly, bi-weekly, or semi-monthly processing. Regardless of the frequency, all statutory reports and contributions to authorities follow the official Cyprus payroll calendar, with most submissions and payments due monthly or quarterly. We ensure that all deadlines are met regardless of your internal payment schedule.

To process payroll accurately, we need several key pieces of information, including: employee personal details (name, address, ID/passport numbers, etc.), tax information and social insurance numbers, salary or wage rates, working hours or attendance records for the pay period, leaves taken, bonuses or other additional payments, deductions (both statutory and voluntary), and bank account details for direct deposits. For new clients, we'll provide a comprehensive onboarding checklist. Once the initial setup is complete, ongoing payroll processing requires only variable data such as hours worked, leaves, and any changes to employee information or compensation.

We have established procedures for managing employee changes efficiently. For new hires, we collect all necessary personal and tax information, register them with relevant authorities if required, and ensure their first payroll is processed correctly, including prorated payments if they join mid-period. For terminations, we calculate final payments including any outstanding salary, notice periods, unused leave, and other entitlements according to Cyprus labor law. We also handle the required deregistrations with authorities and prepare all necessary exit documentation. For all employee changes, we maintain proper records and ensure compliance with reporting requirements.

Our payroll service provides a comprehensive suite of reports to keep you informed about your payroll operations. Standard reports include: payroll summary reports detailing gross pay, deductions, and net pay for all employees; detailed payslips for each employee; employer cost reports showing your total labor costs including employer contributions; bank payment reports for processing salary transfers; statutory filing confirmations; leave balance reports; and year-to-date summaries. In our Standard and Premium packages, we also provide customizable reports based on specific metrics you want to track. All reports are securely delivered and archived for future reference.

We implement robust security measures to protect the confidentiality and integrity of your payroll data. These include: encrypted data transmission and storage using industry-standard protocols; secure cloud-based systems with regular backups; strict access controls with multi-factor authentication; comprehensive data protection policies aligned with GDPR and local regulations; regular security audits and vulnerability assessments; and staff training on data security best practices. All our employees sign confidentiality agreements, and we maintain a clear data retention policy to ensure information is only kept as long as necessary or required by law.

Yes, our Premium package includes custom payroll integration capabilities. We can integrate with various business systems including accounting software, ERP systems, HR management platforms, time and attendance systems, and banking platforms. The integration can be configured to automatically import data (like hours worked or employee details) or export payroll results to your financial systems. For systems without direct API integration, we can establish secure file transfer protocols. During onboarding, we'll conduct a thorough assessment of your existing systems and develop an integration plan that minimizes disruption while maximizing efficiency.