The timely flow of funds on a monthly basis is essential to service delivery and ensures all professionals are paid on time and in full.

Invoicing

Invoicing is critical to service delivery because it funds payments to your professionals.  Payments include salaries, bonuses, commissions and expense reimbursements and Global Expansion must receive timely funding for these to be paid to the professional on their intended dates.

Global Expansion’s standard approach to invoicing, structured to minimise the risk of funding gaps and payment timing issues, requires payment of the following invoice types.

Deposit & First Payroll

Raised when a new professional is onboarded to the service.  This is triggered by the professional signing their employment contract and by the client signing the associated schedule for their role.

The following items are included on the invoice, as appropriate:

• First month service fees
• First month gross employer costs
• Up-front benefits costs
• Deposit of 1 or more months gross employer costs

Monthly Payroll

Raised on the first working day of the month covering all professionals on the service.

• Service fees
• Gross employer costs
• Prior month adjustments

Variable Payments

Raised on day 15 of the month covering all variable payments for all professionals on the service.

• Gross employer costs

Billing Currency

Invoices are issued in Euros (EUR), Pounds Sterling (GBP) or US Dollars (USD) depending on the currency nominated by the client during onboarding.

Payroll Currency

Professionals are paid in the local currency of their country of employment unless alternative arrangements are permitted in the jurisdiction and these are agreed during onboarding.

Foreign Exchange (FX) Rates & Adjustments

Cross-currency transactions require funds to be converted from the billing currency to the payroll currency at the prevailing exchange rate.  GX uses a fixed FX rate on invoices, updated quarterly, with an additional 2.5% uplift to cover currency fluctuations.

Any over- or under-billing due to FX rate fluctuations are reconciled on a quarterly basis and additional credits or debits are added to invoices to compensate.

Payroll Funding

Cleared funds must be available for the local legal entity to disburse payments to professionals and remit funds to the relevant authorities and other providers (e.g. pension contributions).

The payments calendar is designed to accommodate transaction timescales and minimise the risk that the flow of funds is disrupted.

NOTE: Bank sanction checks and other anti-money laundering activities in certain countries may delay transactions and funds clearing late.  Whilst uncommon GX monitors payments and will communicate any disruption the may impact payroll with as much notice as possible.

Next: Employee Onboarding