Case Study: Simplifying Payroll for a Leading Insurance & Financial Services Organisation

The Client

A publicly traded insurance and financial services organisation operating across Bermuda and the Caribbean was managing a complex payroll process that required significant involvement from both HR and Finance teams each month.

The Challenge

Their payroll process involved multiple teams, working together with each cycle each month to manage payroll calculations, statutory obligations, reporting, and finance reconciliations. The process was time-consuming and required considerable internal effort to ensure everything was completed accurately.

They also spent a lot of time on reporting and payroll journals that aligned with their finance team’s posting requirements, an area they anticipated would take considerable time to develop when outsourcing payroll.

The Solution

Acumen took over the payroll function and worked closely with the client’s teams to understand their payroll and reporting requirements.

We implemented a streamlined payroll process that included managing complex payroll calculations, assessing employer tax obligations, and providing customised reports for both payroll administration and finance purposes.

A key part of the project was developing payroll journals tailored to the client’s accounting requirements. While there was an expectation that this process would take months to build and refine, the reporting framework was delivered much sooner and provided exactly the information required by the finance team.

The Result

By outsourcing payroll to Acumen, the client was able to reduce the administrative burden on their internal teams and create a more efficient payroll process.

Key benefits for our client included:

• Reduced involvement from internal teams in monthly payroll administration.
• Improved accuracy and consistency in payroll processing.
• Finance-ready reporting and payroll journals aligned to accounting requirements.
• Faster payroll and month-end processes.

More than five years later, Acumen continues to manage the payroll function, providing a reliable solution that allows the client’s teams to focus on their core business rather than payroll.

The outcome: A payroll process that once required significant effort from multiple departments became a seamless, outsourced function supported by accurate reporting, efficient processes, and ongoing payroll expertise.