A P45 form is an official document in the UK that an employer issues to an employee when they leave a job. It details the employee’s earnings and the income tax paid during the employment period. The P45 helps ensure accurate tax calculations for future employers or when claiming benefits.
On-demand pay is a payroll option that allows employees to withdraw part of their earned wages before the regular payday. It gives workers more control over their finances, helping them cover unexpected expenses without relying on loans or credit. Employers use it as a benefit to boost retention, reduce financial stress, and improve employee satisfaction.
Net 60 payment terms indicate that a buyer has 60 days from the invoice date to pay the seller. This arrangement provides businesses with extra time to manage cash flow and working capital. While beneficial for buyers, it can create delays in revenue collection for sellers, so clear agreements are important.
Medicare tax is a federal payroll tax in the United States used to fund the Medicare program, which provides healthcare to people aged 65 and older and certain younger individuals with disabilities. Both employers and employees contribute a percentage of wages toward this tax. High earners may also be subject to an additional Medicare surtax.
Mass payments are financial transactions where a company sends money to many recipients simultaneously. They are commonly used for payroll, vendor settlements, affiliate payouts, or gig worker payments. Mass payment systems save time, reduce errors, and improve efficiency compared to processing individual payments one by one.
Location agnostic pay is a salary approach in which companies pay employees equally, no matter their geographic location. This model contrasts with location-based pay, where wages vary by cost of living or local market rates. It is often adopted by remote-first companies to promote fairness, simplify payroll, and attract global talent.
A local bank transfer is the movement of money between two bank accounts within the same country. It is commonly used for payroll, bill payments, and personal transactions because it is fast, secure, and inexpensive. Unlike international transfers, local transfers avoid currency conversion and cross-border fees.
A Learning Experience Platform (LXP) is a modern learning technology that provides employees with customized, engaging, and self-directed training opportunities. Unlike traditional learning management systems (LMS), LXPs use AI, social features, and content recommendations to create a more interactive experience. Organizations adopt LXPs to boost skill development, employee engagement, and continuous learning.
Last mile payment refers to the final leg of a financial transaction where money reaches the intended beneficiary. It is especially important in cross-border payments, payroll, and digital wallets to ensure employees, vendors, or customers receive funds securely and on time. Effective last mile payment systems reduce delays, errors, and transaction risks.
Know Your Customer (KYC) is a mandatory process that financial institutions and businesses follow to verify the identity of their clients. It helps prevent money laundering, fraud, and terrorist financing by collecting documents such as IDs, proof of address, and financial history. KYC ensures compliance with regulations and builds trust in financial transactions.
An integrated oil and gas company is a business involved in multiple stages of the petroleum industry. These typically include exploration, drilling, refining, transportation, and retail distribution of oil and gas products. By managing the full value chain, integrated companies reduce risk, optimize costs, and maintain greater control over energy supply.
Informal communication refers to the unofficial, casual conversations that happen among employees in the workplace. It can occur through chats, emails, or social interactions outside the formal reporting structure. While less structured, informal communication helps build relationships, share ideas quickly, and improve workplace culture.
Human Resources Outsourcing (HRO) is the practice of contracting an external service provider to handle HR tasks. These tasks can include payroll processing, employee benefits management, recruitment, training, and compliance. HRO helps companies reduce costs, access specialized expertise, and focus on core business activities.
Human Capital Management (HCM) is a set of practices and software solutions that help organizations manage and develop their workforce. It covers functions like recruitment, payroll, benefits, training, and performance management. By treating employees as valuable assets, HCM aims to improve productivity, engagement, and business growth.
Gross to net refers to the calculation that determines an employee’s net pay by subtracting taxes, benefits, and other deductions from their gross salary. Employers use this process in payroll to ensure accurate payments. Understanding gross-to-net helps employees see how their total earnings are reduced to their final take-home pay.
Global risk management is the process companies use to assess, monitor, and control risks that come with international operations. These risks may include currency fluctuations, compliance with foreign regulations, supply chain disruptions, and geopolitical issues. Effective global risk management helps businesses protect assets, ensure compliance, and maintain stability in global markets.
Funding refers to the money provided to support a business, project, or initiative. It can come from various sources such as venture capital, bank loans, government grants, or personal investment. Adequate funding is crucial for startups and companies to cover expenses, expand operations, and drive growth.
An expat, short for expatriate, is someone who resides in a country other than their own, either temporarily or permanently. Expats often relocate for work assignments, education, or personal lifestyle choices. They may face unique challenges like cultural adaptation, tax obligations, and visa requirements while benefiting from international career opportunities.
Exotic currencies are currencies from smaller or emerging-market economies that are less commonly traded in global markets. Examples include the Thai Baht, Turkish Lira, or South African Rand. While they can offer opportunities for diversification, exotic currencies often carry higher volatility, limited liquidity, and greater exchange rate risk compared to major currencies.
An Employment Payment Summary (EPS) is a payroll filing that employers submit to tax authorities to report employee wages, taxes withheld, and statutory deductions. It ensures compliance with government reporting requirements and provides an official record of employee compensation. Employers use the EPS to reconcile payroll data with tax obligations accurately.