Payslip platform helpful FX rate feature

July 21, 2021 | Michelle Pedreschi 5 Mins read

The Payslip platform is designed to provide solutions for specific pain points in the delivery and management of global payroll at multinational companies around the world.

Our innovative platform offers a range of digital tools and fantastic features that help global payroll professionals every day, manage their multi-country payruns in a smarter, faster and better way.

This is the first in a series of short read articles that we will be delivering over the summer, where we focus on a specific feature of our platform, explain what it does and outline the various ways it helps improve global payroll delivery.

First up in the series is the FX rate feature on our global payroll platform

FX Rate Function

The FX rate function allows users to add an exchange rate in line with the market when creating global payroll reports within Payslip. User can create a selection of pre-defined FX rates and make it available for colleagues, who can then select which rate to use when running their own reports.

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The FX rate feature can be used to apply external FX rates, current or past dated, to a selection of reports you wish to generate. This enables anybody using this function to view payroll cost reports (from several different countries) in a single currency such as EUR or USD.

Users may select a predefined rate or create a new one to view reports in a different currency if they wish. Multiple different currency FX rates can be applied to a range of different reports. You can also save the exchange rate so you have a historical record should you need to refer to it at a later time.

“Our clients love this feature as it allows them to include different currency exchange rates when running, analyzing or reviewing important global payroll reports.”

Daniela Barbova, Head of Product

You can also use this helpful tool to apply FX rates on different reports, enabling the person generating the report to view it in the local country or head office currency should they wish to see it that way. This can help them get a high- level overview of what is happening in a single currency, it can also help to compare data year on year or monthly for additional insight. Here are a few reports where FX rates can be applied and the reasons why this is helpful.

Payroll report (Total Employer Costs)

This report can show you the total costs of labor and can be filtered by country, company, entity, payroll, department, cost center or business unit.

Employee Payroll Changes Report

This report shows payroll changes for specific employees over time. You can select multiple pay periods to see how an employee’s pay elements & deductions change over time.

Variance Report

The Variance Report allows you to compare two or more consecutive or non-consecutive pay periods within one company/payroll. You can compare latest to previous pay period and display the difference as a value and as a percentage.

Payrun Report

The Payrun report allows you to compare two or more payruns and review the changes between different pay elements per payroll and employee.

The FX rate function, when applied to these report enables users to select and change their preferred reporting currency and convert the values using a selection of pre-defined FX rates, or create new FX rates if they wish. 

We recommend this FX tool to all our clients who want to include different currency exchange rates when running, analyzing or reviewing important global payroll reports.

Should you have any questions or wish to learn more about the FX rate function on our global payroll platform, a member of our team would be happy to talk you through it or schedule a demo so you can see it for yourself.

 

For information on the Payslip Platform contact us today.

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Using Payslip, we can manage all our payrolls across nine in-country vendors on one platform. When the global Covid-19 pandemic arose, it was not an issue from a payroll perspective, and critically getting everyone paid. The Payslip platform enabled continuity for our international payroll service including the fast and seamless implementation of the Payslip Employment Self Service during this time.

Colin Smith

Payroll Manager, LogMeIn

Payslip as a technology platform has added a missing piece in our payroll set-up. As an international company with offices in 16 countries, it’s important to us that every employee at GetYourGuide has the same great experience when accessing their pay data.

At the same time, we work well with smaller local payroll providers, supporting us with direct local expertise in their countries. We were able to combine those two elements by placing the Payslip platform in the middle, to simplify reporting and communication with local providers, and to have one simple employee-facing solution across all locations.

Julian Fichter

Head of HR, GetYourGuide

With business and employee growth rates of above 50%, we rely on our vendors to deliver on time, every time. Payslip’s workflow automation, enables Phorest to manage our payroll provider process – data driven, real time and transparent. Payslip saves us time so we can focus on our business growth.

Ana Kelly

International Payroll Manager, Phorest

Payslip made our payroll process entirely transparent, which was something that we really need as we continue to grow and scale at such a rapid pace.

Travis Saville

HR Systems Lead, Wave