Simplifying international payroll
Posted by Heath Robinson on April 10th, 2024.
FX markets are in constant flux, which can be a major headache when having to make regular transfers in multiple currencies. Our range of products, expert insights, and personalised guidance can help streamline your payment processes and cut back on admin, allowing you to focus on more important things. We also offer highly competitive exchange rates and charge no transfer fees, so you can maximise the returns on your international transfers.
Case study
Challenge
As an accountant, Keith works as the Financial Controller for several businesses. One of the businesses he works for is a content marketing company with over 250 employees spread across the globe. Although the marketing company was headquartered in the UK, a large proportion of their employees and freelancers were based in Europe, USA, Canada, and India. Managing payroll was always a very fiddly and time-consuming process for Keith each month, as he needed to verify that all employees were renumerated without error. The company was also constantly battling with profit broadcasting to their shareholders due to market volatility.
Solution
Keith’s friend, who was an IFA, introduced him to TorFX to discuss his challenge. From a chat with Joanne on the corporate desk, Keith very quickly learned he was able to outsource a portion of his work to TorFX for free, whilst also giving the business more control and stability over their FX exposure. All he would need to do is register the business with TorFX, and for the director of the business to approve him as a named user. Keith discussed the company’s annual FX exposure with his Account Manager and they devised a hedging strategy, enabling the business to confidently forecast their outlays. Keith then provided all the beneficiary bank details to his Account Manager at TorFX who would upload these details into the TorFX account for him. Then each month he would send a lump sum to TorFX and a spreadsheet to his Account Manager at TorFX detailing each employee’s pay requirements.
Impact
His Account Manager, Joanne, would set up and remit all these payments upon Keith’s instruction, thus saving Keith a huge amount of time each month. This also meant the company was able to broadcast far more consistent and accurate profit forecasts for shareholders, while simultaneously improving profit margins thanks to lack of transfer fees and the excellent exchange rates offered by TorFX. As a further bonus, because of the more competitive exchange rates, international employees noticed that their salary payments were higher than they used to.
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