Managing payroll worldwide is a challenging task … Papaya Global In Easy Steps…
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s likewise considerable legal costs there’s there’s other charges there’s other expenses behind that also so the overall cost can be very substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason why business are getting it so incorrect is actually just the guidelines are complex and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for several years now and and still a great deal of unpredictability amongst companies on what it actually suggests and how you deal with it most employers are just not aware of the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a classification viewpoint okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what results can this have on the worker Papaya Global Online Services particularly 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 In Easy Steps
Over the last five or 6 years …Papaya Global In Easy Steps… roles on the supplier side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them ends up being increasingly more intricate Worldwide organizations are seeking to discover Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment viewpoint lots of companies preserve different bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain separate savings account sometimes in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex processes of
Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to optimize working capital, and find how enhancing global payroll payments can change them from a difficult job into a strategic asset.
due to various policies, compliance requirements, information security concerns, and banking rules. The large number of workers and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and an absence of integration, causing disparities and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and options to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on international payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average cost of a worldwide 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 do not run efficiently if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is definitely crucial but everywhere 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 look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely important that payroll and financing groups work closer together than ever um I’m always surprised when people state I have actually divided 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 divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by organizations across the world so again you’re simply looking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real difficulties or real difficult sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any service has from an expense perspective from an impact point of view on workers it is definitely vital that it’s done properly and on time so what we indicate 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 impact on individuals’s wellness and many other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your staff members internationally once again I think is another substantial um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of services and decreasing the number of tools platforms and checking account they need for their International 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 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 don’t believe any of us are in fact 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na state imagine the amount 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 hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and sort of shot to return to everybody so proceeding appearance why do companies choose to primary different bank accounts there are Papaya Global In Easy Steps companies out there doing precisely this for particular countries and I’ve operated in a business or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think people have got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing however ultimately people are really stuck with what they’re familiar
with best um change is a tough thing all of us do not like change um so I believe 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 things um I understand undoubtedly the advantages of having maintaining multiple checking account however there’s a substantial quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge but I believe the sincere answer is modification um people haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep track of and this method does position several challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global In Easy Steps
I find time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s optimum mainly to the client why you need to be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 actually passed they have not added 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 instance hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification but typically premiums are just covering the cost of legal fees whilst the typical claim examined versus employers corresponds to to 40 or 50 percent of the base pay of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying 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