Acumen takes care of your payroll with Blue Bison software while you focus on growing your business in Bermuda and the Cayman Islands. Our team of accountants and administrators will maintain your financial records and keep your company’s books up to date and compliant.
Outsource Payroll to ensure compliance
Let us take care of your payroll while you focus on growing your business in Bermuda and the Cayman Islands.
Payroll management is an essential aspect of HR and tax compliance. Unfortunately, it’s also time-consuming and painstaking to calculate how much each of your employees needs to be paid each month, and deal with the different components of payroll.
Running payroll can be complicated, and there are also legal requirements that need to be met which creates risk and means that there are consequences for getting things wrong. In the daily rush of managing a growing enterprise, wouldn’t you rather leave payroll to the professionals and focus on activities that contribute to the growth and greater profitability of your business?
Here’s the good news: Acumen is ready and waiting to meet your payroll needs, whether you require a comprehensive outsourced payroll service or simply need some help with certain parts of the process.
Using the latest payroll software, we’ll process and verify your company’s payroll/s and ensure that payments are made on time to staff, statutory bodies and benefits providers and in accordance with relevant legislation.
Where there’s payroll work to be done we’d love you to choose Acumen to do it to perfection. Furthermore, with dedicated outsourcing offices in lower cost jurisdictions we will not only improve your payroll function but also reduce its cost to you. We are perfectly positioned to assess your company’s outsourced payroll needs and take care of the finer details while you focus on growing your business.
Choosing to outsource payroll functionality could be the biggest step you take to streamline your business operations.
Outsourced Payroll frees up your time, creativity and business acumen
As a business owner you’ve probably seen your fair share of action. This is an era that calls for flexibility, remote functionality and a razor-sharp approach to cost reduction.
You could achieve all of these and more by switching to a complete outsourced payroll solution. Here are some of the benefits you’ll enjoy.
- Lower monthly costs. You’ll save on software, hardware and the cost of employing a payroll manager.
- Access to our extensive expertise. Consult with our team of accounting and outsourced payroll experts and we’ll work with you to achieve the efficiencies you desire. If you need an expert on site for a short while our interim staffing solution may be ideal for your business.
- Enhanced security and accuracy. Our cloud-based payroll solution eliminates the need to store sensitive information on your office computers and reduces the risk of data leaks resulting from hardware theft and failure.
- Cost reduction. You’ll save time and money by letting us calculate your payroll and make the necessary deductions and payments to the Office of the Tax Commissioner and health insurance and pension providers on your behalf.
- Happy employees. Who receive their pay on time and free from errors.
- Free time to reach new heights. By letting us handle this obligatory but time-consuming business function you’ll have the peace of mind and time that’s required to strategize and develop your business.
Outsourced Payroll is the future
Taking the decision to outsource your payroll processing means you’ll be in good company.
- The number of businesses worldwide opting for partial outsourcing of their payroll function jumped from 9% to 26% between 2015 and 2019
- Organisations that fully outsource payroll made up 12% of companies surveyed by Statista in 2019.
These trends reflect a growing level of trust in cloud-based business outsourcing solutions which have gone from nice to have, to totally essential.
Let us deal with the nitty-gritty of your payroll securely in the cloud while you get on with essential business that can only be done in-house.
We’ve partnered with cloud computing provider Blue Bison to offer our clients in Bermuda and Cayman Islands a seamless payroll service that offers the security and flexibility of remote data management using advanced and highly reliable cloud payroll software.
You’ll reduce your reliance on payroll legacy software and won’t find yourself unable to pay staff when a key payroll staff member falls ill or suddenly resigns.
In uncertain times you will love the reliability and affordability that our payroll solution offers.
Outsourced Accounting Services
Every business requires the expertise of an accounting team to prepare its monthly, quarterly, and annual financial statements, ensure compliance and provide management with key financial insights to boost growth and profitability.
These crucial business functions can be performed expertly by Acumen’s outsourced accounting team for significantly less than your business would pay to hire a full-time accountant. The following services form part of our accounting offering:
- Setup of accounts in Xero – a market leader in cloud-based accounting software.
- Integration of Xero with Hubdoc – a Xero product that extracts key information from your receipts, invoices, and bills and automatically pulls your bills and statements into one secure hub.
- Licensed provider of Phinsys underwriting system – a specialised underwriting software developed specifically for use with the Bermuda insurance market.
- Processing of payments as and when required.
- A dedicated accountant to oversee your company’s financials.
- Unlimited telephone and email support from your dedicated accountant.
- Daily/ weekly/ monthly bookkeeping to keep your financial records in order and provide you with up-to-date financial information as and when required.
The following specialised accounting functions will be included in your package:
|Bookkeeping||Daily/ Weekly/ Half-monthly/ Monthly as required|
|Accounts Receivable and Accounts Payable management||According to your requirements|
|Reconciliation of balance sheet accounts||Monthly|
|Preparation of management accounts||Monthly/ Quarterly/ Annually (within an agreed number of days of period end)|
Using the latest accounting software, our team of accountants and administrators will maintain your financial records and keep your company’s books up to date and compliant.
Outsourced Accounting and Payroll provides an advanced IT infrastructure for a 21st-century business
In today’s digital economy information flows faster than ever before and has accelerated this trend as companies around the world adopt remote working policies.
To ensure safety and efficiency when serving our outsourced accounting and payroll clients, Acumen has invested in a comprehensive IT infrastructure that allows us to do business reliably with businesses on every continent.
As a prospective client, we’d like you to know more about the lengths we go to in ensuring data security and efficient information flow. These include:
- Access to a complete suite of applications to meet your needs.
- Up-to-date apps with the latest software releases.
- We protect application and client data with the latest systems security technology.
- Up-to-the-minute anti-virus protection.
- All information is stored on secure, decentralised servers with built-in full redundancy.
- Automated daily backup procedures.
- Compulsory encryption of all staff computers.
- Our team undergoes annual data privacy and IT security training.
In addition, we stay up to date with the latest best practices in the IT and information security field and maintain a comprehensive set of policies in this regard which are updated annually.
Our clients report that they experience increased accuracy, efficiency, and reliability in their accounting & payroll functions after signing on with us – all at a reduced cost. And they don’t have to re-program their IT systems every time a payroll rule changes.
Ready to Get Started with Outsourced Accounting and Payroll?
If you’re ready to streamline your payroll process, so are we. We would love the opportunity to provide your business with an outsourced payroll solution or outsourced accounting software – but first we’ll need to know a few things about your enterprise to tailor our offering to your needs.
When we discuss your quotation, we’ll ask you a few questions about your business. These may include:
- The size of your employee headcount – broken down by payroll frequency (do you pay weekly, bi-weekly, half-monthly or monthly?)
- The number of entities your business operates
- Your pay date or dates
- Would you like Acumen to administer all payroll related payments through our dedicated payroll treasury bank account?
- Are there any additional services not listed above that you’d like us to provide you with?
- The size and headcount of your finance department
- Do you require weekly or monthly bookkeeping?
- What are your financial reporting requirements (when do you require monthly managements after month end?)
- What is your existing accounting software in use?
- What annual government surveys and returns are required to be completed?
- Are there any additional services not listed above that you’d like us to provide you with?
Lower costs, greater efficiency and the time and space you need to focus on your core business: these are just some of the benefits that come when you outsource accounting and payroll.
When you contact Acumen to discuss your outsourcing needs, you’ll be taking the first step toward a new, streamlined business with your employee payment needs well taken care of. We look forward to connecting with you soon to take the first step towards accounting and payroll efficiency together.