VIRTUS Payroll Services

VIRTUS runs one of the largest payroll outsourcing services in Iceland, managing wages and salaries for over 3,000 employees.

Our payroll division is diverse and multi-faceted, as shown below. If your firm requires such services, please reserve a meeting with our payroll team using the form below.

Payroll Insurance Service

Most small and mid-sized businesses in Iceland currently employ few members of staff to administer payroll, and in some cases payroll is in the hands of just one employee. Holidays, sick days, resignation or dismissal can therefore be difficult and stress inducing for these firms.

VIRTUS clients can insure themselves from these uncertainties should they come up. If accounting or payroll employees are unavailable, VIRTUS can step in and ensure the business does not miss a beat. If a client is interested in this insurance service, VIRTUS specialists are immediately acquainted with the accounting and salary systems in place at the business, in order to appropriately prepare for any emergencies that may occur. VIRTUS payroll staff is prepared to step in for both short term and long term solutions.

Salary Calculation and Payment

Salary calculation is done in a timely manner. Upon client confirmation, VIRTUS then coordinates our payroll systems with employees‘ online banking system in order to administer digital pay slips.

VIRTUS understands that each and every business is unique. After client consultation, the VIRTUS payroll team can maximize the efficiency of your business‘ payroll whilst simultaneously ensuring the security and privacy of the sensitive information at hand.

Payroll related expenses

Each month, up to 30 different expenses are incurred in addition to employee salary payments, which can make managing payroll in-house a tedious process. These expenses include pension funds, union negotiation, federal and municipal taxation, customs payments etc., each with different due dates and deadlines.

VIRTUS payroll staff are specialists in payroll related expenses, and can help your business avoid this time consuming and costly process. VIRTUS utilizes electronic communication between payroll systems and banking systems when possible.

Clients will not incur any late fees or additional interest costs due to tardiness on the behalf of VIRTUS, as long as clients‘ account with VIRTUS is up to date and settled in a timely manner.

Yearly Reports to the Internal Revenue Service

At the turn of each year, businesses are required to submit various documents to the Internal Revenue Service.

These documents include reconciliation of payroll, so that the Internal Revenue Service receives accurate information in order to calculate employee tax returns.

Payroll reconciliation is also an important component of accounting reconciliation, preparation of annual accounts and company tax returns. VIRTUS ensures that these annual records are kept up to date and monitored before they are handed over to the Internal Revenue Service.

Monitoring changes in collective bargaining agreements, federal or municipal taxes and salary related expenses

VIRTUS payroll outsourcing clients receive updates and reminders about changes in collective bargaining agreements, federal or municipal taxes and salary related expenses as soon as they are announced in order to gauge the impact of these changes on the clients‘ finances and future plans.

Clients also receive reminders of due dates and salary related deadlines through email.

Administration of contractor accounting

The employees of Payroll have many years’ experience in the administration of contractor accounting for companies. Among other, extensive projects for foreign film producers in Iceland such as Paramount, Universal, 20th Century Fox and others. These projects have the common factor that they are short term and include hundreds of contractors that issue thousands of invoices that have to go through approval process and the payment system of Payroll. Included in the service is negotiations and writing of contracts, receiving and checking of time reports, post creditors accounting, payments, reports to buyers and sending of contractor payment slips annually.

This service is suitable for those who supervise big events for example conferences, seminars, exhibitions, concerts and other.