Benefits
- Know your cost in advance - this helps with budget forecasting
- Alleviate administrative burdens that are associated with managing your own payroll requirements
- No more dealing with the following:
- Department of Social insurance
- Office of the Tax Commissioner
- Pension Commission
- Private Pension Providers
- Alleviate the costs of running your own payroll department
- Save on capital expenditure
- Avoid the costs of covering payroll staff on holiday or sickness leave
- Ensure confidentiality, processing accuracy and meeting payment deadlines
- Company specific reports designed to your specifications
- Peace of mind
- Experience with multi-national payroll management
- Experience with payroll tax administration involving stock compensation
Customized payroll services
Implement customized payroll services tailored to your company’s specific needs with Details’ payroll services. Our dedicated team of Chartered Accountants will review and process your payroll documentation in order to maintain controls and ensure compliancy with all payroll regulations.
Integrate your accounting software with our payroll platform for a streamlined transfer of payroll related data.
Our payroll process
Initial Payroll Set-up: Establishment of a payroll structure which is compliant with all regulatory requirements, including the Bermuda Payroll Tax Act and Bermuda National Pension Scheme Regulations.
Benefits Administration: Receive monthly benefit reports and conduct reconciliations to ensure the necessary benefits are being processed appropriately and in accordance with the Bermuda Employment Act. New employees will be registered with company plans and benefit payments will be remitted on a monthly basis.
Password Protected PDF Pay Statements: Provides your employees with electronic password protected pay statements reflecting benefits and deductions to ensure confidentiality and compliance with Bermuda law.
Payroll Funding: Choose from three options for payroll execution:
- Monthly funding requests including benefit remittances which enables you to make one transfer to a segregated Details Payroll Account allowing the entire payroll process including employee direct deposits to be executed by authorized Details Personnel.
- Funding requests and payroll reports are submitted for approval, and an authorized member of Details’ staff is given access to your online banking platform where all payroll and benefits payments to employees are set up for your authorization.
- Our staff will perform their work using your internal systems while working with your existing infrastructure and processes.
General Journal Entries: Details provides standard payroll journal entries in aggregate to clients each month to ensure confidentiality. We request a copy of your Chart of Accounts information to facilitate this or can perform a direct upload of data for integrated systems. Our in-house payroll platforms include Microsoft Dynamics GP (Great Plains) and QuickBooks.
Quarterly Payroll Tax Filings: The required payroll tax returns will be calculated and remitted on a quarterly basis ensuring compliance with Bermuda law. You’ll be invoiced quarterly for the remittance amount.
401(k) Plan Administration: US employee 401(k) programs can be administered by Details Management. We work with a variety of 401(k) providers and can also maintain a recording of US tax amounts to be withheld by your company.
Payment Management: Benefits, tax and other payment management services.
Tax Equalization and Proxy Statement Disclosure Support: U.S. tax equalization and SEC proxy statement support calculations.
To learn more about how Details can help support your organization, please contact us.