The European Payroll Revolution Outbreak

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“Master your strengths, outsource your weaknesses.” This is a well-known quote from American career coach and TV personality Ryan Kahn and cannot be more relevant to what is happening in the business world today. 

Post-pandemic we are seeing a renewed optimism in Europe, the European Commission’s index of eurozone economic sentiment (ESI) has jumped to 114.5, close to its December 2017 peak. Add to this renewed interest from American and Asian firms eyeing Europe’s €8.6 trillion consumer market. Furthermore, we are experiencing significant changes to the way business is being conducted, both on the customer side and operationally. One of these changes is the way companies are looking to hire and pay their employees whether they are working remotely or within an office environment. In the new COVID-19 free world and flexi work revolution, outsourcing the payroll function makes perfect sense for business continuity, scalability, compliance and cost control.

Outsourcing payroll has long been considered an exclusive tool to support large-scale operations; for years the goliaths of this world like Google, Microsoft and Amazon have utilised the services of payroll and employer of record (EOR) providers to manage their vast payroll responsibilities as well as keep their costs down. As other businesses look to expand their global footprint and pursue new revenue streams, with Europe being one of those areas, they are discovering that having a trouble-free back-office operation is priceless.

For any company looking to expand to Europe there are a myriad of unknowns – what is true for Greece and Romania may be false for Ukraine and Serbia and vice versa. There are also regulatory compliance issues and keeping up with various payroll laws and taxes can be a daunting task. Eurofast, as a professional employer organization (PEO), can support businesses fully in their European operations by undertaking payroll, benefits, insurance, taxation and legal compliance. Specialist teams in each country possess expert knowledge of their jurisdiction while supporting clients from diverse industries on short and long term assignments. 

Eurofast is widely recognised as one of Europe’s leading payroll and EOR specialists with fully fledged offices in the majority of Eastern and Southern Europe. Eurofast supports companies throughout the business lifecycle, offering payroll, PEO/Employer of Record, accounting, audit, tax and M&A services.  Eurofast has been consistently ranked as a top Tax Advisor by International Tax Review and are recognized for their work in Payroll, Audit and Transfer Pricing.

For further information please contact our Development Director in our office in Cyprus, George Georgiou at nicosia@eurofast.eu.

Eurofast is a regional business advisory organization employing local advisors in over 23 cities in South East Europe & the Middle East (SEEME).
The Organisation is uniquely positioned as a one-stop-shop for investors and companies seeking professional services in South-East Europe & the Middle East.  

17/6/21