Managing payroll internationally is an overwhelming job … Papaya Global Trial…
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 revealed settlements there’s also substantial legal costs there’s there’s other penalties there’s other costs behind that as well so the overall expense can be very considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is truly simply the rules are complex and they’re altering all the time think ir-35 in the UK which has actually been a continuous development for a number of years now and and still a great deal of uncertainty among companies on what it really means and how you handle it most employers are just not aware of 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 employees from a category point of view alright thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member Papaya Global V25 On Windows 7 particularly when it comes to their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin
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Over the last five or six years …Papaya Global Trial… roles on the provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up 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 throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they add additional complexity the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 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 globe in the standard payroll model there’s typically a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very really standard there’s no real consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that 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 information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company spends on international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m always astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data 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 reside in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by companies throughout the world so once again you’re simply wanting to add more and more payments to this currently 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 challenges or genuine challenging sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know 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 prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect viewpoint on employees it is absolutely vital 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 greatest destructive impact on people’s wellness and lots of other factors if people aren’t paid uh I’ve always been amazed entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been told 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 staff members or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think 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 things is definitely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll option for your employees internationally once again I believe is another substantial um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of companies and lowering the number of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how essential a role 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 everyone that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision 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 however it would definitely be an intriguing task trying to clean up 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 browse them and actually see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies pick to primary different savings account there are Papaya Global Trial companies out there doing exactly this for specific countries and I’ve worked in an organization or many organizations doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I believe people have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs altering but eventually individuals are really stuck to what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping multiple savings account but there’s a big amount of complexity opts for establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is substantial however I believe the sincere answer is change um individuals have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to monitor and this method does present a number of challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety 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 Global employees you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Trial
I find time and time again the workers often misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s most advantageous mainly to the customer why you should be employed or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee 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 passed they haven’t added to pensions And so on so it’s a big effect that they never knew 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 10 years um Kathy business are getting insurance versus misclassification but generally premiums are just covering the expense of legal costs whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it a minimum of so uh the the other location that I do think 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 coverage on the basis of the fact that you were not in compliance with laws um in the UK