Managing payroll worldwide is a daunting task … Papaya Global For Beginners…
openly announced 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 significant legal costs there’s there’s other charges there’s other costs behind that also so the total cost can be really significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason that business are getting it so wrong is truly just the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a lot of unpredictability among business on what it actually means and how you handle it most companies are just not familiar with the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a category point of view fine thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the employee Papaya Global Customer Reviews especially when it comes to their own tax liabilities social security and advantages for example jury and clearly the workers the other side of the coin
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Over the last 5 or 6 years …Papaya Global For Beginners… roles on the supplier side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join all of us 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 currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 raining here it’s really very bleak and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they add additional complexity the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 around the world in the conventional payroll model there’s often an overwhelming variety of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really very fundamental there’s no genuine consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 wherever you look ideal eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to kind of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies throughout the world so once again you’re just seeking to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real tough sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any company has from an expense viewpoint from an effect viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we imply 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 damaging result on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just observe when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Using the very first International Payments very first payroll payment solution is a fantastic initial step towards supplying an extensive payroll option for workers worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and savings account needed for international payroll are crucial consider achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyway we know how how crucial 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 processes and also so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean 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 attempt to look through them and really see what was going on and type of shot to get back to everyone so carrying on appearance why do companies pick to main different checking account there are Papaya Global For Beginners companies out there doing exactly this for specific nations and I’ve worked in a company or many services doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and any person that’s dealing with that procedure 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 think numerous factors one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering however eventually individuals are really stuck to what they’re familiar
with ideal um change is a challenging thing we all don’t like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping several savings account however there’s a substantial quantity of complexity chooses establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is big however I believe the honest response is change um individuals have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to track and this method does position a number of difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Enterprise 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 deserve a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global For Beginners
I find time and time again the employees frequently misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous primarily to the customer why you must be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions And so on so it’s a big effect that they never ever understood they were strolling into you couldn’t 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 against misclassification however typically premiums are just covering the cost of legal costs whilst the average claim evaluated versus employers equates to to 40 or 50 percent of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK