Managing payroll worldwide is an overwhelming job … Papaya Global In The Cloud…
publicly 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 significant legal costs there exists’s other charges there’s other costs behind that also so the overall cost can be really considerable in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is really just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for several years now and and still a lot of uncertainty among companies on what it actually indicates and how you deal with it most employers are simply not familiar with the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a classification point of view fine thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what results can this have on the employee Papaya Global Failed Fps especially when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the workers the other side of the coin
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Over the last five or six years …Papaya Global In The Cloud… roles on the provider side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days 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 everybody 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 sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business keep different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a burdensome job into a tactical property.
due to different regulations, compliance requirements, information security issues, and banking rules. The sheer variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing disparities and ineffectiveness. Regardless of living in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and solutions to streamline 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 companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they count on the required 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 obstacles service face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be consisted of ideal and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I have actually divided 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 typically 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by services across the world so again you’re just looking to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years 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 teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era 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 requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an impact viewpoint on staff members it is absolutely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed 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 staff members 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 but 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 also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment option is a fantastic primary step um supplying an end-to-end payroll option for your staff members worldwide again I believe is another big um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and lowering the variety of tools platforms and savings account they require for their International 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 anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints 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
anyway 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 associated with those procedures and likewise so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean 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 type of try to get back to everyone so moving on look why do companies choose to primary separate savings account there are Papaya Global In The Cloud services out there doing precisely this for specific countries and I have actually operated in a business or lots of businesses doing precisely that I can state it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t have to and anybody that’s handling 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 amount that we are I think many factors one is it’s the requirement I believe individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however eventually people are really stuck with what they’re familiar
with best um modification is a challenging thing we all don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining numerous checking account however there’s a substantial quantity of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big however I believe the sincere answer is modification um people 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 checking account I believe you have actually struck 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 benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global In The Cloud
I discover time and time again the workers often misclassified unconsciously they don’t understand the conditions of work or contract and are told by the customer why it’s most advantageous generally to the client why you ought to be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they have not contributed to pensions Etc so it’s a huge impact that they never ever knew they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance coverage against misclassification but generally premiums are just covering the expense of legal fees whilst the typical claim evaluated versus companies relates to to 40 or 50 percent of the base pay of worker is there any point in getting 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 most of the times I haven’t seen it at least so uh the the other location 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 pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK