How evolving payroll solutions in Cyprus have taken a proactive approach.

In an era of rapid technological advancement and shifting regulatory landscapes, managing payroll effectively has become more critical and complex than ever. 

For businesses in Cyprus, from growing startups to established multinational corporations, ensuring compliant, efficient, and secure payroll operations is a foundation of sustainable growth. But what does it take to manage this important function effectively?

To understand what it takes to navigate this demanding environment, payroll professional Christina Athini, Head of Payroll Services at RSM Cyprus shares her insights with a CBN journalist on the challenges and opportunities shaping the industry, the role of technology, and why strategic outsourcing is becoming the definitive path ahead for forward-thinking organisations.

CBN: How do you ensure accuracy and smooth communication with clients?

C.A. Accuracy and clear communication are at the heart of effective payroll management. At RSM, we use advanced, digitally driven payroll platforms that minimise manual processes and reduce the chance of errors. Our payroll experts perform thorough quality checks each pay cycle, ensuring precise, timely results with every run.

To ensure seamless communication, we assign a dedicated professional who stays closely connected to the client's team. Queries are handled promptly, processes are clearly documented, and clients receive regular updates as needed. We hold ourselves accountable by being proactive, transparent, and responsive at every stage, ensuring our clients feel supported and informed at all times.

CBN: What makes your payroll outsourcing service stand out in Cyprus?

C.A: What sets a payroll service apart is not only the scope of support but also the way it is delivered. In Cyprus, where payroll legislation is complex and ever-evolving, success comes from a balance of deep local insight and a global, future-focused perspective.

At RSM, we combine our expert knowledge of Cypriot employment and tax regulations with international best practices throughout the RSM Network. We assign a dedicated payroll manager to clients, ensuring they have a single, knowledgeable point of contact who truly understands their business and industry.

Our approach is all about tailoring solutions to client needs, supported by transparent pricing and adaptable service packages. Whether the client is a fast-growing startup or a large organisation, their payroll solution is designed to suit their business objectives and growth goals.

CBN: Why should a business consider outsourcing its payroll, and what are the key benefits?

C.A: This is an important question for any business leader weighing up operational priorities. Outsourcing payroll is not merely about offloading a task; it's a strategic decision to achieve efficiency, mitigate risk, and reclaim valuable time to focus on core business objectives.

The key benefits are significant:

• Ensuring compliance and mitigating risk: Cyprus has a dynamic regulatory environment. Keeping up with changes to tax laws, social insurance contributions, and employment legislation requires constant attention. At RSM, we take on this responsibility, ensuring the client’s payroll is always compliant and protecting them from potential risks.
• Driving efficiency through automation: Manual payroll processing is not only time-consuming but also subject to human error. We utilise automated systems to streamline the entire workflow, from data entry to reporting. This method delivers speed and accuracy, reducing the client’s team's administrative workload.
• Access to specialised expertise: Payroll is a specialised field. By outsourcing, a client gains immediate access to a team of experts without the significant cost of hiring, training, and retaining an in-house payroll department. This is particularly advantageous for complex scenarios, such as managing international employees, navigating cross-border regulations, or ensuring compliance with local employment laws.
• Enhancing data security: Payroll data is among the most sensitive information a company holds. As an ISO/IEC 27001:2013 certified firm, we adhere to the highest international standards for information security, employing secure file transfers and regular data backups to protect our clients’ confidential data.
   

CBN: How do you adapt your services to different business needs? 

C.A: Every business is unique. At RSM, we start by listening and understanding clients' individual requirements, no matter the industry, size, or growth stage. 

Whether the client is a startup simplifying their first payroll or a large organisation with complex structures, we tailor our processes and reporting to fit their business. Our adaptable solutions grow with each client, allowing them to add new services as their needs evolve, ensuring they always benefit from an approach that matches their operational and strategic objectives. Our team leverages deep experience across sectors, adapting quickly as organisations change, so clients' payroll always aligns with their business ambitions.

CBN: How do you help companies save time and stay compliant in such a dynamic environment?

C.A.: Our approach is built on a proactive and technology-driven foundation. We automate the entire payroll process, from processing to reporting, which significantly reduces the time the client’s team spends on administrative tasks. We ensure all tax and social insurance submissions are made accurately and on time, eliminating the risk of late-payment penalties and compliance issues.

Additionally, we not only process payroll but also keep clients informed. Our clients receive regular compliance updates that break down how changes in Cypriot legislation will impact their business. We also implement workflows for approvals and document management,  ensuring clear, efficient communication. This proactive collaboration provides our clients with the confidence that their payroll is in expert hands, allowing them to focus on what they do best: growing their business.

CBN: What technology and security measures do you use to protect client data?

C.A.: In today's digital-first world, data security is non-negotiable. We utilise a sophisticated cloud-based payroll program that not only enhances efficiency but also provides robust security features. All data exchanges occur in a secure environment, and we regularly back up data to prevent information loss.

It is noteworthy to mention that RSM Cyprus has been certified with ISO/IEC 27001:2013, an international standard that proves our dedication to maintaining the highest levels of information security management. This provides our clients with the confidence that their most sensitive data is protected against threats.

CBN: Beyond payroll, what other services does RSM Cyprus offer to support businesses?

C.A.: At RSM, our strength lies in our ability to provide comprehensive support that addresses  a business's full spectrum of needs. As a member firm of the RSM Network of 65,000 professionals across 120 countries, we offer a comprehensive suite of services, including:

• Audit and Assurance: Delivering transparent, unbiased audits that adhere to the highest international standards, providing a clear view of a company's financial health.
• Tax Services: Providing customised tax advisory and compliance solutions to help clients navigate complex regulations and create tax-efficient corporate structures.
• Consulting and Restructuring: Offering expert guidance on mergers and acquisitions, strategic planning, and business valuation, amongst others, to help clients overcome challenges and drive growth.

Our goal is to be our clients’ long-term advisor, gaining a deep understanding of their business so we can provide timely, expert insights that empower them to move forward with confidence.

CBN: What trends do you see shaping the future of payroll outsourcing?

C.A.: The future of payroll is intelligent, integrated, and employee-centric. We are seeing a definitive shift towards increased automation and AI-driven accuracy checks, which will further minimise errors and enhance efficiency.

Another key trend is the growing demand for employee self-service portals, which empower staff to access their payroll information, request leave, and manage their data independently.

Furthermore, with cyber threats becoming more sophisticated, there is an ever-greater focus on enhanced cybersecurity and data privacy standards. Finally, businesses are looking for more than just processing; they want real-time analytics and insights from their payroll data to inform strategic decisions about workforce management and costs. At RSM, we are at the forefront of these trends, continually investing in technology and expertise to help our clients take charge of change.

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