ECIT payroll services
ECIT operates the largest payroll department in the country and calculates and processes over eight thousand pay slips each month.
Numerous experts with extensive experience and knowledge provide a variety of advice regarding systems, benefits and more, in addition to calculating salaries for clients.
On this page you can book a meeting to get more information.
Run into the gap
In most small and medium-sized companies in Iceland, payroll matters are handled by a few parties, often just one. Holidays at the end of the month, illness, termination of employment by the employer or employees can put a damper on the situation.
Customers in the "Run to the Pass" service ECIT insure yourself against inconvenience and damage when something happens.
"Run to the pass" service ECIT is exactly like in the good old game. If one unexpectedly jumps out of the ring, we immediately rush into the gap and ensure that the chain is neither broken nor weakened. At the beginning of the transaction, experts set ECIT They can then get involved in the issues and connect to the systems that deal with personnel and payroll issues. With minimal notice, they can replace the person and bridge the gap for a longer or shorter period of time.
Salary calculations
Salary calculations are prepared in a timely manner. Confirmations and approvals are obtained before payslips are posted electronically in online banks and salaries are then paid out.
Companies and needs vary. In consultation with customers, experts come up with ECIT in a process that minimizes each party's time in daily operations while at the same time ensuring the security and confidentiality that is necessary when dealing with information as sensitive as it really is.
Payment of wages and salary-related expenses
Every month, salaries are paid to up to 30 different parties in addition to wages paid to employees. These are pension funds, unions, the Tax Agency, the Municipal Revenue Agency, etc., each of which has its own due date.
The payday and pay period for wages vary by company and union. Experts ECIT strives to utilize technology to pay salaries in a way that minimizes the risk of error. Electronic communication between payroll systems and banks is used whenever possible.
Be ECIT entrusted with paying salaries and related expenses, the customer ensures that no surcharges or interest will be paid for late payments as long as there is a balance for what needs to be paid.
Annual submission of salary-related data to the Directorate of Internal Revenue
At the beginning of the new year, various types of data must be submitted to the Tax Authority.
When submitting data, salary items are reconciled so that the Tax Office receives correct information, which is then pre-registered in employees' tax returns.
Reconciliations of payroll items after the year are also an important part of accounting reconciliations, preparation of annual accounts and company tax returns. If anything needs to be corrected, it is best to do so before this information leaves the company.
Monitoring changes in collective agreements, taxes and payroll-related fees
Payroll service customers ECIT receive information and reminders about changes in collective agreements, taxes and salary-related fees as soon as they become available so that their impact on the company's plans can be anticipated.
Customers also receive reminders about all salary and salary-related fees by email.
Answers to Frequently Asked Questions
Why outsource salaries?
Firstly, to save time and money. Secondly, because service ECIT in terms of all payroll administration is 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 payroll calculations, payment of wages and salary-related fees, issuing pay slips and submitting payroll-related data to the Tax Authority. We handle the entire process and work in any system. Most clients are on full service, but ECIT also offers 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 payroll services to ECIT, access is guaranteed to a number of experts who ensure that the work is done professionally, that systems are set up correctly, and that technology is utilized to ensure speed, quality, and increased security.
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 pay periods, industries and more, we know it all.
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. You can request a quote for payroll services here on the site.
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 the utmost confidentiality. ECIT is GDPR certified and processes personally identifiable information accordingly.
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 and receive further information and offers for the services that are suitable.
What happens if any of the employees get sick or go on vacation?
Can ECIT handle payroll processing for foreign companies?
How are changes in collective agreements and laws monitored?
As the largest payroll processor in the country, we constantly monitor changes in collective bargaining agreements and laws and update our systems and those of our customers accordingly. We also send information and reminders about such changes to our customers.
Is it easy to move payroll processing to ECIT?
Are you curious about what we can offer you?
Please request a quote
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 provide a price quote upon request.
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 for further information and or a quote.on a service that is suitable.
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 includes defining goals and creating budgets. We ensure that the plan is realistic and achievable. All work on the plans is done in close collaboration with the client each time.
Can ECIT assist with the establishment of a company?
Yes, we provide advice on choosing a business form, assist with establishing a company, including preparing articles of association, registration with the Icelandic Tax Registry, and other matters as appropriate.
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 management consultancy with us through our website, by contacting us via phone 419 7200 or email ecit@ecit.is. We are always ready to assist and provide advice.