Regardless of the size of your business and whether it is small family-owned business, a mid-sized enterprise or a global brand, there are qualified CPAs in Cayman who can manage your company's payroll. These companies operate with the most up to date cyber security measures in place, with end to end encrypted portals for the safe transfer of data, and they operate under the strictest and highest levels of confidentiality.
According to Technology Advice,
16% of small businesses spend three to five hours per month processing
their company’s payroll manually. In Cayman we do not have payroll
taxes, but we do need to factor in time to deduct health insurance costs
and pension contributions, as well as work out days worked, holidays
taken and overtime. The advantages of keeping payroll processing
in-house include maintaining control of sensitive company data but there
are still risks involved with doing in-house payroll which include
errors and incorrect deductions.
Payroll outsourcing involves employing a third-party to handle the administrative tasks associated with employee pay. Depending on the payroll outsourcing firm, this may include filing the monthly paperwork and paying pensions, paying the health insurance premiums and adding or removing employees from the company’s health insurance plan when they join or leave the business, plus making payments to staff on your behalf.
Many companies choose outsourced HR and payroll services due to the manual, time-consuming nature of these tasks. This automation of payroll processing allows HR and payroll managers to focus on more strategic tasks in their organizations.
When choosing an outsource payroll service it is essential to perform due diligence and ask what types of security protocols a payroll outsourcing firm employs. Many payroll and HR outsourcing providers understand how critical data security is for businesses. They utilize industry-standard security protocols and undergo rigorous testing and certification to ensure customer data is always protected.