Payroll support services
Is your payroll becoming costly and time consuming?
The Invenio team specialises in providing outsourced payroll support services and processing to companies in Grand Cayman saving you time and money.
What are Outsourced Payroll Support Services?
Outsourced payroll support is the use of an external provider to perform payroll related services including payroll processing. It is a cost effective way to run the administrative and compliance functions of payroll without having the cost of a full time payroll manager.
Why use Invenio Global for Outsourced Payroll Support?
Processing payroll in Cayman can be a complex and costly task with numerous compliance and other legal requirements to deal with. Our expert payroll team have the required knowledge and systems to process your payroll safely and securely which means you can focus on running your business.
We will conduct a full audit of your current pay cycle, commission payment structure (if applicable), benefits (including health and pension), vacation entitlement as well as any other needs specific to your firm.
We can integrate our process map flow with your business model and your systems to ensure we are synced, both in terms of process and technology.
We have a Finance Manager who will manage the Payroll solution for you, and they will be the point of escalation for all queries relating to payroll. In addition, we set up a dedicated email address for employees to channel their queries, and we guarantee an immediate acknowledgment of your query and strive for 24-hour turnaround time on all queries.
What do our Payroll Support Services include?
Invenio Global manages your payroll from start to finish. A typical payroll cycle will include the Invenio team performing the following:
- Onboarding employees with all relevant personal data.
- Managing and processing your payroll every two weeks or monthly depending on your payroll cycle at the agreed date(s) (we will process the payroll two days prior to the actual required payment date)
- Issuing each employee an electronic password protected pay slip noting the payment and deductions for each employee. We would also maintain a copy on our system.
- Providing a monthly payroll report outlining the payments and deductions for all your employees.
- Ensuring all payments and payroll transactions are compliant with the local Labour Law.
- Issuing payments to relevant Health and Pension providers.
When an employee leaves your company, the Invenio Global team will also calculate vacation accrued, deductibles and other relevant pertinent payroll information and in conjunction with you will issue the final payment for
the employee less any deductions.
Protecting your Data
Invenio Global takes data seriously and has a daily cloud back up for all payroll files with our accounting software provider, with a secondary back up provided by our IT security firm.
All our payroll employees have signed a strict confidentiality agreement, a breach of which will result in immediate termination.
Medical & Pension Premium Payments
Invenio Global can also process medical and pension premium payments to all of the providers within Cayman. We provide this payable functionality for clients ensuring payments are up to date and compliant with the relevant prevailing laws.
Looking for Payroll Support?
We can tailor our Payroll Support Services specifically for your company, so if you need to support with processing and managing your payroll and are located in the Cayman Islands, then please get in touch with our payroll team to discuss further.