Managing payroll internationally is a daunting task … Papaya Global System Youtube…
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s likewise considerable legal costs there’s there’s other penalties there’s other expenses behind that also so the total cost can be very significant in the 10s of millions of dollars or more and and those amounts 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 believe ir-35 in the UK which has been an ongoing development for a number of years now and and still a lot of unpredictability among companies on what it really means and how you deal with it most companies are merely not familiar with the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a classification point of view alright thank you Stephen and moving back 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 Kenya specifically when it concerns their own tax liabilities social security and advantages for instance jury and clearly the employees the opposite of the coin
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Over the last 5 or 6 years …Papaya Global System Youtube… functions on the service provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly 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 extremely very gloomy 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 obstacle years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more intricacy 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 additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no genuine 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 often with pen and paper which simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought of there’s varying Bank details 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 consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being used by services across the world so once again you’re just seeking to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or real tough kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require 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 stated payroll is the single most significant liability that any organization has from an expense perspective from an effect viewpoint on workers it is definitely crucial 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 most significant damaging effect on individuals’s wellness and many other elements if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout 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 stuff is absolutely essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a great first step um offering an end-to-end payroll option for your workers internationally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization International processes all of those things are absolutely key to success success of businesses and decreasing the variety 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather 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 important 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 everyone that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everybody so proceeding look why do companies select to main different savings account there are Papaya Global System Youtube organizations out there doing precisely this for specific countries and I’ve worked in a company or many services doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe people have got so utilized to we need 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 standard and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering however ultimately people are very stuck to what they’re familiar
with right um modification is a tough thing we all do not like modification um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving numerous checking account however there’s a substantial amount of intricacy chooses establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is substantial however I believe the truthful answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does present several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global System Youtube
I discover time and time again the employees often misclassified unconsciously they do not understand the conditions of employment or contract and are told by the customer why it’s optimum generally to the customer why you ought to be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions Etc so it’s a huge effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage against misclassification however usually premiums are only covering the cost of legal costs whilst the average claim assessed versus employers relates to to 40 or half of the base pay of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge 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 saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK