There are 4 types of invoices you will see with Omnipresent:
Deposit & severance prepayment*
The deposit is an amount we hold to protect Omnipresent from customer insolvency. It ensures that we have sufficient funds to cover notice periods and statutory severance payments for an employee (or employees) and associated local tax authorities in the event of default.
If all outstanding invoices are settled, the deposit will be credited and refunded in full at the end of each employee's tenure.
Salary prepayment*
The salary prepayment invoice acts as a salary payment in advance for each employee's monthly payroll. The purpose of it is to ensure Omnipresent receives funding (albeit an estimate) before we're required to pay your payroll each month.
The Salary Pre-payment invoice is a payment we collect in advance to ensure we are able to pay employees if there are any issues invoicing for the month in arrears. Instead of doing this every month, we roll the 'Salary Pre-payment' forward month-to-month and this amount will be offset against the final invoice for your employee at the end of their employment. This is different to the 'Monthly' payroll invoice. The actual Monthly payroll invoice includes that month's management fee along with actual salary and social costs.
The salary prepayment is always a full month's salary, even if the employee's first date is halfway through the month.
Monthly payroll invoice
We send out invoices in the last week of the month. If you've requested variable compensation or approved expenses before our cut-off date on the 6th of every month, your invoice will reflect this.
One-time set-up fee
This is the admin cost for setting up a contract with your employee. It includes things such as registration with local tax authorities, social security services, payroll setup, provision of compliant employment contracts, etc.
Other invoice terms:
Foreign Exchange (FX)
A 2.5% conversion fee is applied when the currency that an employee is paid in is different from the employer's billing currency. This is included in the monthly payroll invoices. The FX fee is calculated on the date the invoice is issued. E.g. If your invoice is issued on the 1st of January you will get the currency conversion from the 1st of January.
Social costs
Social costs/contributions are country-specific costs such as taxes and other contributions (e.g. pensions).
Management fees
Each monthly invoice will include our monthly management fee.
Benefits fees
If an employee is enrolled in any benefits schemes, you'll see the cost listed on the invoice for their monthly salary.
Late payment fees
If a Client does not make any payment on an invoice by its due date they will be subject to paying late fees.
*Both the Deposit and Salary pre-payment amounts will be increased/decreased in line with any salary changes made to an employee's salary. You can find out more about how this works here.