Managing payroll globally is a challenging task … Papaya Global Courses Classroom…
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also considerable legal costs there’s there’s other penalties there’s other expenses behind that too so the total cost can be very considerable in the 10s of countless dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is actually just the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has been an ongoing development for numerous years now and and still a lot of unpredictability among companies on what it really suggests and how you handle it most companies are just not knowledgeable about the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a classification point of view okay thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee Papaya Global Uzbekistan especially when it pertains to their own tax liabilities social security and advantages for instance jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Papaya Global Courses Classroom
Over the last 5 or 6 years …Papaya Global Courses Classroom… roles on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance data security and banking rules then there are the large numbers they add further complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really extremely basic there’s no real consistency framework we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the necessary multiple procedures 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 challenges company face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what does not require to be included ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m always amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the settlement landscape is becoming significantly intricate. Organizations are continually introducing new advantages and payment alternatives, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated age, there’s no reason for preserving cumbersome treatments. Payroll, the business’s greatest expense, should be processed correctly and on time. Even slight hold-ups can negatively impact employees’ wellness and have far-reaching repercussions. For that reason, it’s vital to prioritize precise and prompt payments.
payroll group get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll service for your staff members globally again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of services and minimizing the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and sort of try to return to everybody so carrying on look why do companies choose to main different bank accounts there are Papaya Global Courses Classroom organizations out there doing exactly this for specific nations and I have actually operated in a company or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we do not need to and any person that’s dealing with 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 think lots of factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires looking at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a challenging thing we all don’t like modification um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining several savings account but there’s a big amount of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is huge but I think the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to keep an eye on and this technique does present a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Courses Classroom
I discover time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous mainly to the customer why you should be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t contributed to pensions And so on so it’s a huge impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance versus misclassification but normally premiums are just covering the expense of legal costs whilst the average claim examined against employers equates to to 40 or half of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK