Des O'Donohoe: Hi, everyone. Welcome down to Fund Recs HQ. And today I have Fidelma McGuirk from Payslip. Welcome, Fidelma.
Fidelma McGuirk: Thanks very much, Des.
Des O'Donohoe: So let's jump straight into this. Payslip, what is it you guys do? And how did you come up with the idea?
Fidelma McGuirk: So, Payslip is a global payroll management software platform.
Des O'Donohoe: Right.
Fidelma McGuirk: Multinationals who have employees in different countries have different payroll providers calculating the payroll. They use our software to manage the process across all the different countries.
Des O'Donohoe: Okay. And was this a pain point that you would experience yourself?
Fidelma McGuirk: Yeah, exactly. In a previous life, I set up operations across 21 countries and we had different payroll providers in the different countries. And I find it impossible to get a single report, any given month, to say, what were all the bonuses paid last year versus this year? Why do we have a spike here? What is it related to? How does it reflect on the rhythm of the business? Also, choosing the payroll providers can be a challenge. So what we decided to do was build software that would enable the multinational employers to harness the entire process from the HR and finance right through to the payroll providers in the different countries and to streamline that process and digitize it on one cloud platform.
Des O'Donohoe: So, you literally have everything feeding into one place where they have got a good... An oversight, I'd say, is a keyword here of what you guys provide with that?
Fidelma McGuirk: Yeah, it gives them a centralized control and it gives them an audit trail of everything that happens.
Des O'Donohoe: Okay, cool. Okay. Now, are you guys local-install? Are you cloud-based?
Fidelma McGuirk: We're cloud-based.
Des O'Donohoe: Cloud. Okay, that's cool. Like ourselves.
Fidelma McGuirk: Unreservedly cloud.
Des O'Donohoe: Unreservedly... And you're based in Dublin?
Fidelma McGuirk: No, we're not. We're based in the West of Ireland, in Westport.
Des O'Donohoe: Okay. Well, that's very... For anyone watching, that's very important.
Fidelma McGuirk: Loud and proud.
Des O'Donohoe: Loud and proud. Very good. Very good. Okay. What's your USP then, if I was to ask you that, specifically, I know you say you give the oversight, what else does your service offer to the end user?
Fidelma McGuirk: Yeah. So let's have a little look at what they are doing now? If you're a multinational enterprise now, you're doing probably one of two things. You've either gone country by country and signed up a local payroll provider to do your calculations. And then you have a team centrally or locally organized that has to manage all the data flows and the emails and the calendar of compliance in those countries. Or the alternative is companies outsource the entire contract to a company called an aggregator. So like ADP would be the grandfather in the market, the biggest. And companies like ADP have a network of providers around the world. And then they contract essentially to the multi-national employer and then they organize and coordinate everything behind the scenes.
Fidelma McGuirk: So what's missing in those options for the multinational employer is a situation where they say, well, we want to own the contract with the local provider because they have a crucial touch point with our employees, which is very important for employee wellbeing, but we want to actually have a streamlined process. We want it to be efficient. We want to have an efficient workflow. We want to know where all the data is managed and how it is being managed? We want to know who's involved in the payment process and overall, we want all the data consolidated in a way so that we can have centralized reporting back into our ERP, our HCM systems, our accounting, our HR systems. So our software fills that middle gap whereby we're effectively a middleware. So the different providers, they hook into our vendor portal and then the employer can manage everything on the employer portal and their employees can have employee self service directly into it as well.
Des O'Donohoe: Okay. So you're really offering a service to both sides. So the employee and the employer, so everyone gets benefit from using it.
Fidelma McGuirk: Yeah.
Des O'Donohoe: One question for you because something that is a really hot topic at the moment, I think for everybody, is GDPR. Is that stuff that you guys, you must be covering that area as well?
Fidelma McGuirk: Yeah, of course. So the General Data Protection Regulation covers all the personal data and anything that can be used to identify somebody directly or indirectly. So all of the data that's going to be on our system for employees is going to fall into that category or the majority of it. So where we are useful in that, firstly, I suppose, with the software itself, harnesses all the processes and defines very clearly the roles, the responsibility, the data fields that are needed. So it covers off a lot of the key questions that the GDPR poses in order to enable the employer to be accountable for what they're doing. And then secondly, we've actually developed key features and functionality specifically for the employer to enable them to manage their reporting on their GDPR compliance.
Des O'Donohoe: Very good. Fidelma, thank you very much for coming in today. Really appreciate it.
Fidelma McGuirk: Thanks very much, Des. It was a pleasure.
Des O'Donohoe: Cheers. Thanks.
Fidelma McGuirk: Thank you.