Business Process Solutions

In an increasingly regulated and data-driven business environment, companies must focus on efficiency, transparency, and compliance. At Vonturm, our Business Process Solutions (BPS) offering in Cyprus is designed to relieve clients from the burden of day-to-day back-office operations, enabling them to focus on strategic objectives and growth.

We provide scalable, digital, and legally compliant solutions across finance, accounting, taxation, payroll, and HR administration, tailored to local law and international business needs.

1. Finance & Accounting Operate

We manage and streamline the full accounting lifecycle, delivering accurate, timely, and compliant financial operations:

• Day-to-day bookkeeping and accounting in accordance with IFRS and local GAAP

• Accounts payable and receivable processing (P2P and O2C)

• Periodic closings, reconciliations, and management reporting

• Financial statement preparation and audit support

• Budgeting, forecasting, and treasury assistance

• Backlog accounting and books regularization for audit readiness

We use cloud-based platforms and automation tools to ensure continuity, control, and real-time access to your financial data.

2. Payroll & HR Operate

Managing payroll and HR in Cyprus requires a careful balance of statutory compliance, confidentiality, and efficiency. Our services include:

• Monthly payroll processing and payslip issuance

• PAYE tax and social insurance declarations (TD7, TD63, TD59, etc.)

• Onboarding, employment contract administration, and leave tracking

• Benefits and allowances management

• Compliance with GESY (General Healthcare System) and Department of Labour reporting

• Advisory on expatriate payroll, international mobility, and split salary arrangements

We provide flexible delivery models—outsourcing, co-sourcing, or hybrid—and adapt our tools to your internal systems or offer fully hosted solutions.

3. Tax & Statutory Compliance

Tax compliance is a critical component of operational risk management. We support companies in meeting all their local and cross-border obligations, including:

• Corporate income tax returns (TD4) and individual returns (TD1)

• VAT registrations, periodic filings (TD100), and VIES/Intrastat reporting

• Withholding tax calculations and declarations

• Tax prepayments, provisional calculations, and reconciliations

• UBO declarations and economic substance reporting

• Preparation of documentation for audits and regulatory inspections

We ensure your business remains in good standing with the Cyprus Tax Department, Registrar of Companies, and relevant supervisory bodies.

4. Business Process Technology & Automation

We help clients adopt modern technologies to streamline and automate routine operations:

• Implementation of cloud-based accounting, payroll, and ERP systems

• Automation of repetitive tasks through RPA (robotic process automation)

• Development of dashboards and real-time reporting tools

• Process redesign and documentation (SOPs, workflow charts, controls)

• Integration of compliance, tax, and HR systems into enterprise platforms

Our digital transformation approach is modular, scalable, and aligned with your internal control environment.

5. Flexible Delivery Models

Our service delivery is structured to adapt to your evolving business needs:

• Full outsourcing of accounting, payroll, or tax operations

• Co-sourcing with internal finance or HR teams

• Staff augmentation for temporary capacity gaps or peak periods

• Project-based engagements for audits, expansions, or restructuring

This model reduces fixed costs, improves responsiveness, and gives you access to multi-disciplinary professionals without building a full internal back office.

Key Benefits

• Increased efficiency and reduced operational costs

• Improved compliance with local and international regulations

• Scalable and flexible service delivery

• Real-time data visibility and decision support

• Enhanced internal governance and audit readiness