Managing payroll worldwide is a daunting task … Papaya Global Bangalore…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s likewise substantial legal expenses there exists’s other penalties there’s other costs behind that as well so the total expense can be very significant in the tens of millions of dollars or more and and those quantities are growing uh the reason business are getting it so wrong is really simply the rules are complicated and they’re changing all the time think ir-35 in the UK which has been a continuous advancement for numerous years now and and still a great deal of uncertainty among business on what it really suggests and how you deal with it most employers are just not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category point of view alright thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what results can this have on the staff member What Time Does Papaya Global Payroll Need To Be Submitted particularly when it concerns their own tax liabilities social security and advantages for instance jury and obviously the workers the other side of the coin
How much revenue does the company make? Papaya Global Bangalore
Over the last five or six years …Papaya Global Bangalore… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them ends up being a growing number of complex Global organizations are seeking to find Solutions and new methods to improve processes particularly from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different savings account sometimes in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business improve the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a challenging task into a tactical possession.
due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and services contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. In spite of residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they rely on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so again you’re just aiming to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or real challenging type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost perspective from an effect point of view on workers it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on individuals’s well-being and many other factors if people aren’t paid uh I’ve always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is a great primary step um offering an end-to-end payroll service for your employees internationally once again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of services and reducing the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how essential a function it is which’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 easy as possible for everybody that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh definitely 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 try to browse them and in fact see what was going on and type of try to return to everyone so carrying on look why do companies choose to primary separate checking account there are Papaya Global Bangalore companies out there doing exactly this for specific countries and I’ve worked in a business or lots of businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs altering but ultimately individuals are really stuck to what they recognize
with best um modification is a difficult thing all of us don’t like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining several savings account however there’s a substantial amount of complexity opts for establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is big but I think the honest answer is change um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to track and this method does pose a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Bangalore
I find time and time again the workers frequently misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s optimum primarily to the client why you should be used or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions Etc so it’s a huge effect that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification however typically premiums are only covering the expense of legal charges whilst the typical claim assessed against employers equates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest most of the times 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 rejected protection on the basis of the truth that you were not in compliance with laws um in the UK