FAQs - Multiplier's invoicing process
Frequently asked questions about Multiplier's invoicing process
How does Multiplier’s invoicing process works?
Multiplier employs a two-step invoicing process to facilitate a streamlined payroll cycle:
Funding Invoice (First Invoice)
This initial invoice collects funds necessary for employee payroll for the respective month. It includes the employees' gross salaries and applicable management fees.
Gross salaries are verifiable on the Multiplier platform.
Management fees are as per the signed Master Service Agreement (MSA).
The funding invoice is issued before or within the first week of the payroll month. Timely payment is required to ensure salary disbursements.
Payment delays may result in salary payment delays.
Outstanding invoices beyond 30 days may result in employee off-boarding procedures.
Subsequent employee onboarding may result in additional funding invoices or inclusion in the reconciliation invoice.
Summary of Funding Invoice
Employee Gross Salary (as per Multiplier platform) and Management Fees (as per MSA).
As agreed in the MSA.
This invoice does not include a spreadsheet attachment, as salary details are available on the platform. A detailed payroll cost breakdown and reconciliation invoice are provided.
Reconciliation Invoice (Second Invoice)
This final invoice reflects the variance between actual employee costs (based on Multiplier payroll runs) and the initial funding invoice.
Discrepancies may include employer contributions, expenses, variable payouts, foreign exchange rates, or other charges.
Amounts invoiced in the funding invoice are deducted, with a credit note issued for any net payable to the client.
Reconciliation invoices are issued from the third week of the month.
Additional charges, new onboardings, payroll adjustments, or off-cycle payroll runs may lead to further invoices.
Summary of Reconciliation Invoice
Components
Payment Terms
Spreadsheet
The total employee cost to the company is less than the funding invoice amount, processing fee, and management fees, which are not included in the funding invoice.
As agreed in the MSA.
This invoice accompanies a detailed breakdown of total employee cost per component, including foreign exchange rates. Detailed payroll reports are also available on the platform.
What foreign exchange (FX) rate does Multiplier use on its invoices?
The FX rate on the funding invoice is the same one used for the previous month's reconciliation. This rate is not final, as there's a considerable delay between invoicing and employee payment, and FX rates can't be predicted or fixed that far in advance.
The FX rate on the reconciliation invoice is final. We analyze historical rates to determine the rate and forecast currency pair volatility and risk. We also consider transfer costs like buy-sell spreads, fees, compliance, and volatility when deciding FX rates for invoicing.
The FX rate on the platform is the current mid-market rate, an estimate of employee cost based on their payment currency. This is not the rate used on your invoice.
What is the spreadsheet linked to the invoice?
Breakdown of Employee Costs and Currency Conversion
The spreadsheet attached to your reconciliation invoice provides a detailed breakdown of your employees' total costs in their respective currencies. It also details how these costs have been converted into your billing currency.
Accessing the Spreadsheet
Download via email: The spreadsheet can be downloaded via a hyperlink in the invoice email. This link will remain active for 30 days from the invoice date.
Download from the platform: The spreadsheet is available for download from the Invoice Payments module on the platform.
Assistance: If you encounter any issues downloading the spreadsheet or the hyperlink, please contact your customer success manager or billing@usemultiplier.com.
Important Note about Historical Data
Please note that year-to-date historical data, including the previous month's invoice breakdown, will not be included in invoice emails sent from September onwards. However, if needed, you can still access this information in previous invoice emails.
How can I get further details about my employee’s payroll?
Further details relating to an employee's payroll (that may not be available in the spreadsheet attached to the invoice) can be obtained from the payroll reports available on the Multiplier platform.
In which currencies can Multiplier issue invoices?
Billing Currency Options
You can be billed in USD, GBP, EUR, AUD, or SGD. However, only one currency can be applied to your account, meaning all charges and amounts will be billed in the selected currency.
Changing Your Billing Currency
Please contact your dedicated CSM or email billing@usemultiplier.com to update your billing currency. Any changes requested on or before the 10th of the current month will be applied to invoices for the following month. Modifications requested after the 10th will be applied to invoices for the month after next.
For example, if you request a change on March 10th, it will apply to invoices from April onwards. If you request a change between March 11th and April 10th, it will apply to invoices from May onwards.
What is a deposit invoice?
The deposit invoice, which serves as security for the employee's notice period, must be paid before the employment agreement can be signed and is due upon receipt. Standard payment terms do not apply. If payment is not received within 30 days, the onboarding process and the deposit invoice will be canceled, as we will assume that you no longer wish to employ the individual.
When and how does Multiplier refund the deposit?
The deposit refund will be processed by issuing a credit note in your favor and applied first to any outstanding receivables. Any remaining surplus will be settled via bank transfer. This refund will be processed within 15 days of the full and final settlement, which generally takes 30 days from the employee's last working day.
What happens if my employee is off-boarded after the funding invoice has been issued?
If an employee's off-boarding process begins after the funding invoice has been issued, you must still pay the funding invoice in full. The reconciliation invoice will reflect any necessary adjustments due to employee off-boarding. You will receive a credit or refund for any amounts owed to you.
Where are my credits/credit notes?
From September 2023, you can log in to the platform and access any available credit notes on the ‘Invoice Payments’ module. Please contact your customer success manager or billing@usemultiplier.com with any preference for applying credit notes to invoice(s) or a payment bundle.
What is the processing fee on the reconciliation (second) invoice?
We implement a $5 processing fee for all invoice payments and global payroll disbursements to offer our clients the best payment services. This fee covers the bank and payment charges we incur when using payment partners such as banks and wallets for faster processing.
Note: For non-USD billing currencies, the fee will be converted from USD to your billing currency using the applicable exchange rate.
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