The former chief executive of Taxback.com Fidelma McGuirk has set up a new business - Payslip.com - which aims to simplify and reduce the costs of managing a global payroll for businesses with staff in multiple countries. Based in Westport, Payslip will initially target companies with fewer than 1,000 employees in each of their overseas markets. That includes two thirds of Ireland's top 1,000 companies. The global payroll management industry is expected to be worth €1 billion by 2020.
Payslip's software is a service and it is first of its kind for the global payments industry. The company's software enables international employers to manage their global payrolls process from their HR and finance departments through to the vendors in different companies on one unified platform.
Fidelma McGuirk said that as companies internationalise and hire overseas, they need to have a payments solution in place in each country. Normally they would seek out an accountant or payroll provider in each of those countries. She said that depending on time, availability and experience, it can be very tricky to find a competent, reliable company whose personal indemnity insurance and data protection can be vetted. Once these companies have been found, managing them can become "a washing-machine of emails with unprotected spreadsheets", she added.
Ms McGuirk said the company is targeting companies with employees in different countries, adding that Payslip's software can reduce administrative costs on their global payroll systems by 33%. Initially, the company will target companies that have an employee base of less than 1,000 staff in each of the countries in which they operate.
With Payslip based in Co Mayo, Ms McGuirk said she hoped the company would become a "standard bearer" for other fintech firms. She said the company had designed its product to make sure digital is at its centre and data protection - which is the single biggest challenge for the company - is a core feature. She said that the company has good broadband in Westport, adding that there is a very strong digital focus in the town.
MORNING BRIEFS - Office rents for prime locations in Dublin are on track to hit levels last seen just before the financial crisis in 2008. A market review for the first six months of the year published by consultants HWBC finds take-up of new office space was up by 56% compared to the same period last year. Strong demand is coming from the financial services centre in particular driven, in part, by a desire by UK based institutions to set up offices in other EU member states post Brexit. Grade A city centre office rents were up 8% to €62 per square foot. HWBC says it expects city centre rates will peak next year at €65 back to 2008 levels.
*** The euro rose after the European Central Bank's latest monthly governing council meeting yesterday. The single currency is just below $1.21 cents this morning. It has not crossed that $1.21 level since January 2015. The single currency also just below 92 pence sterling. ECB president Mario Draghi noted the currency's relative strength - it is up 13% year to date against the dollar and 8% against sterling. He said it represents "a source of uncertainty" and could restrain strong recent growth in exports from the euro zone. The ECB is under pressure to begin winding down its €2 trillion stimulus programme. Speculation about how quickly that might start and to what extent the ECB will reign in or taper its bond buying operations has been the main factor driving the euro higher in recent months. Mr Draghi said the ECB had held a "very, very preliminary discussion" but would not be drawn on a timeline.