Handling payroll worldwide is a challenging task … Papaya Global 123…
publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also substantial legal costs there exists’s other charges there’s other costs behind that as well so the total cost can be very considerable in the tens of countless dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is truly just the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for a number of years now and and still a lot of uncertainty amongst business on what it truly suggests and how you handle it most employers are just not familiar with the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a category perspective okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee View Company Ytd Nic Papaya Global especially when it pertains to their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the opposite of the coin
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Over the last five or 6 years …Papaya Global 123… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add more complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s often a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very very standard there’s no genuine consistency framework we’re residing in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to type of progress with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations throughout the world so once again you’re simply aiming to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine difficult type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact perspective on employees it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive impact on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great initial step um providing an end-to-end payroll service for your staff members internationally once again I think is another huge um process once again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of companies and lowering the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everybody so proceeding look why do business choose to main separate savings account there are Papaya Global 123 businesses out there doing precisely this for specific nations and I’ve operated in a service or numerous businesses doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering but eventually individuals are very stuck to what they’re familiar
with right um change is a challenging thing all of us do not like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining numerous checking account however there’s a big amount of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big however I believe the honest response is change um people have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to track and this approach does present a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global 123
I find time and time again the workers frequently misclassified unwittingly they don’t understand the conditions of employment or agreement and are told by the client why it’s optimum primarily to the client why you should be employed or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions And so on so it’s a huge impact that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification however generally premiums are only covering the cost of legal costs whilst the typical claim examined versus companies corresponds to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest in many cases I have not seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK