Companies, organizations and individuals with businesses that choose to outsource financial-related tasks and focus on their core business. Companies choose to outsource financial-related tasks for many reasons, such as to save time and money, to have the work done by professionals, and to be sure that all laws and regulations are followed. Of course, it is best to have as much time as possible to focus on what your company does best, and if you are not running an accounting service, that is probably something other than accounting and calculating salaries.

Why outsource salaries?

Firstly, to save time and money. Secondly, because ECIT's services in terms of all payroll administration are independent of illness, vacation or absence. With a large number of employees and a strong support team, the service is simply delivered on time. Thirdly, we mention valuable expertise in payroll regulations, professionalism in their calculation and reliability in payments. In this way, ECIT creates a secure framework that gives customers scope to put their energy and time into other and more urgent issues. In addition, salary terms should be a private matter. Outsourcing payroll administration to ECIT is a guarantee of complete confidentiality between the company and its employees.

What does ECIT's payroll service entail?

ECIT's payroll services include salary calculations, payment of wages and salary-related fees, issuing pay slips and submitting salary-related data to the Directorate of Internal Revenue. We take care of the entire process and work in any system. Most of our clients are with us in full service. We also offer to step in if employees need to take time off or get sick.

How can payroll services save my company time and money?

By outsourcing your payroll services to ECIT, you save on manpower and ensure that everything is done professionally and correctly. This saves you time and effort in payroll processing and reduces the likelihood of mistakes that could cost the company money as well as cause significant employee dissatisfaction. Outsourcing payroll processing ensures that the stress associated with the end of the month is reduced for the company.

Which companies are best suited for ECIT payroll services?

ECIT's payroll services are suitable for all companies, large and small. We specialize in providing services tailored to the needs of each individual, whether it is a small company or a large workplace with complex payroll issues. We work for companies with 1 employee and we work for companies with many hundreds of employees. Different shift systems do not affect the benefits of outsourcing payroll processing.

How much does it cost to be in payroll processing at ECIT?

ECIT's payroll service pricing is set up in such a way that all sizes of companies can easily calculate significant financial savings by outsourcing payroll processing in part or in full. In this regard, the most important savings are in time and personnel. Savings also include reliability in paying payroll-related fees on time and advice on changes and adaptations to applicable regulations at any time. Contact us at 414-3200 or send us a line at ecit@ecit.is and get a quote for the service that suits you.

Is the payroll service secure and completely confidential?

Yes, security and confidentiality are our top priorities. We use secure systems and strict procedures to ensure that all information is protected and treated with complete confidentiality. Our entire information environment is GDPR certified.

How do I communicate with ECIT regarding payroll services?

Our clients all have their own contact person. You can contact us by phone, email or by booking a meeting through our website. We are always available to answer questions and provide advice. If you are interested in doing business, you can contact us at 414-3200 or drop us a line at ecit@ecit.is and receive further information and offers for the service that suits you.

What happens if any of the employees get sick or go on vacation?

If you are in our service, illness and vacation do not affect the service we provide as we employ dozens of specialists. If the same thing happens to you, we can help solve the problem with temporary service. With the "Running into the gap" service, we can immediately jump into the gap and ensure that payroll processing is not interrupted even if employees are absent due to illness or vacation.

Can ECIT handle payroll processing for foreign companies?

Yes, we also offer payroll services for foreign companies that have employees in Iceland. We ensure that all payroll payments and reporting are in accordance with Icelandic laws and regulations. ECIT also operates in all Nordic countries and beyond and offers payroll services throughout the Nordic countries.

How are changes in collective agreements and laws monitored?

As the largest payroll processor in the country, we constantly monitor changes in collective agreements and laws and update our payroll processing accordingly. We also send information and reminders about such changes to our customers.

Is it easy to move payroll processing to ECIT?

Yes, we help our clients transfer their payroll processing to us in a simple and efficient way. Since this is a very regular event, we are very experienced and lead the work. We take care of all the necessary document transfers and system setup.

What does ECIT's accounting service include?

ECIT's accounting services include accounting entry and reconciliation, VAT settlement, preparation of annual accounts and tax returns, as well as advice on accounting setup and selection of accounting systems if needed.

How can accounting services improve my business operations?

By outsourcing your accounting to ECIT, you ensure professional and accurate accounting records, which improves your company's financial visibility and facilitates decision-making. This can also save time and reduce the risk of errors.

How much does the accounting service cost?

The cost of accounting services depends on the scope and complexity of the project. We offer customized solutions that take into account the needs of each company and always provide a price quote before the service begins. Contact us at 414-3200 or send us a line at ecit@ecit.is and get a quote for the service that suits you.

Is the accounting service secure and confidential?

Yes, security and confidentiality are our top priorities. We use secure systems and strict procedures to ensure that all information is protected and treated with complete confidentiality. Our entire information environment is GDPR certified.

Can ECIT handle accounting for small and medium-sized businesses?

Yes, our accounting services are suitable for both small and medium-sized businesses. We specialize in customizing our services to the specific needs of each client.

How do I communicate with ECIT regarding accounting services?

Our clients all have their own contact person. You can contact us by phone, email or by booking a meeting through our website. We are always available to answer questions and provide advice. If you are interested in doing business, you can contact us at 414-3200 or drop us a line at virtus@virtus.is and receive further information and offers for the service that suits you.

Can ECIT assist with annual accounts and tax returns?

Yes, we prepare annual accounts and tax returns for individuals and companies. We ensure that all data is properly reconciled and meets the requirements of the Directorate of Internal Revenue.

How does ECIT monitor changes in tax laws and regulations?

As we work for thousands of clients, we constantly monitor changes in tax laws and regulations and update our accounting processes accordingly. We also send information and reminders about such changes to our clients when appropriate.

Is it easy to transfer your accounting to ECIT?

Yes, we help our clients transfer their accounting to us in a simple and efficient way. We work in all systems and have extensive experience in accepting new clients. This is done by us several times a year. We take care of all the necessary document transfers and system installation if applicable.

What accounting system do you use?

We use the accounting system that suits you and assist our clients in choosing the system that best suits their needs if needed. We also offer training in the use of the systems.

What does ECIT's management consulting involve?

ECIT's business consulting includes advice on business accounting, company formation, business planning, buying and selling companies, financial restructuring and much more. Business consulting is often tailored to the client's needs, so we encourage you to contact us if you have a project you need help with.

How can management consulting help my company?

With management consulting from ECIT, you receive professional advice that can help you improve your operations, increase efficiency, and better achieve your goals. We help you identify opportunities and address challenges.

How much does management consulting cost?

The cost of management consulting depends on the scope and complexity of the project. We offer customized solutions that take into account the needs of each company and always provide a price quote before the service begins. Contact us at 414-3200 or send us a line at ecit@ecit.is and get a quote for the service that suits you.

How do I communicate with ECIT regarding management consulting?

Our clients all have their own contact person. You can contact us by phone, email or by booking a meeting through our website. We are always available to answer questions and provide advice. If you are interested in doing business, you can contact us at 414-3200 or drop us a line at ecit@ecit.is and receive further information and offers for the service that suits you.

Can ECIT assist with the purchase and sale of companies?

Yes, we assist individuals, companies and organizations with the purchase, sale or merger of companies. We handle all project management and consulting in connection with such projects.

How does ECIT help with financial restructuring?

We assist in assessing the company's status, creating new goals and plans, communicating with credit institutions and other creditors, and providing advice on new financial structures.

What is included in a business plan?

Business planning involves analyzing the market, defining goals, creating budgets, and publishing the plan. We ensure that the plan is realistic and achievable. All plans are developed in close collaboration with clients.

Can ECIT assist with the establishment of a company?

Yes, we provide advice and assistance with establishing companies, including preparing foundation documents, registering with the Directorate of Internal Revenue, and advice on the best business form.

Does ECIT management consulting ensure complete confidentiality?

Yes, security and confidentiality are our main priorities. We treat all information with complete confidentiality and follow strict procedures to ensure data security. All information processing is GDPR certified.

How can I book management consulting with ECIT?

You can book a business consulting service with us through our website, by contacting us by phone at 412 3200 or email virtus@virtus.is. We are always ready to assist and provide advice.

Financial advice for growing companies

Sep 17, 2024

Why is it important?

When a company faces growth and consistent operating performance, there are many opportunities to expand, improve, and maximize efficiency. However, rapid growth comes with certain financial issues and challenges that must be addressed professionally.

In such situations, financial advice can be key to ensuring that the company's growth is sensible, well-thought-out, and based on a professional foundation.

The following points are worth keeping in mind.

1. Financial planning in growth

When a company expands, it can be difficult to keep track of all the financial aspects that come with the expansion. It may be that the finances have become more complex, that many aspects require more attention, and that it is necessary to review the company's strategy. With advice from financial experts, you can ensure that this expansion is handled professionally, that investments and plans are made on the right assumptions.

2. Opportunities to improve efficiency

One of the most important things that financial consulting offers is help in identifying opportunities to improve operational efficiency. Experts can look for ways to save money without compromising quality or service. They can also help identify areas where a company can make better use of its resources, equipment, or workforce.

3. Risk and debt analysis

As your business grows, it is essential to ensure that all risks are properly assessed. Each investment and expansion requires a detailed analysis of potential risks and future returns. Financial consulting involves working with experts who can help map out how much leverage the company should have and how best to finance new projects.

4. Financial strategy for the future

Growing companies often need to set a long-term strategy to ensure that this growth is sustained. Financial advice allows managers to develop a clear strategy that supports long-term financial goals. This can include investment strategies, financing, payment plans, and other financial steps that ensure that growth is consistent and profitable.

5. Monitoring cash flow and financial position

Cash flow is one of the most important aspects of running a business, especially when it is growing. Financial advice helps to closely monitor cash flow and ensure that the business has sufficient capital to continue growing. This can be especially important when a company is embarking on large investments or new projects.

Conclusion

Financial advice is not just for struggling businesses – it is equally important for successful and growing businesses. With the help of financial experts, businesses can ensure that they make the most of their growth opportunities, in a smart and professional manner.

Learn about the possibilities that financial consulting can open up for your business and see how it can help you build a solid and profitable operation for the future.