Handling payroll worldwide is a challenging task … Papaya Global Director Set Up…
openly 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 significant legal costs there’s there’s other penalties there’s other expenses behind that as well so the total cost can be extremely significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is really simply the rules are complicated and they’re altering 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 unpredictability among business on what it really means and how you deal with it most employers are just not knowledgeable about the guidelines and and act as if the the guidelines 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 viewpoint 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 staff member Papaya Global 29 Download particularly when it concerns their own tax liabilities social security and advantages for example jury and undoubtedly the workers the other side of the coin
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Over the last five or 6 years …Papaya Global Director Set Up… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing 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 everyone originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably policies compliance data security and banking rules then there are the large numbers they add additional complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very basic there’s no genuine consistency framework we’re living in an era 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 typically with pen and paper and that just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely crucial however everywhere 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 kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to sort of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place 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 crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by services across the world so once again you’re simply aiming to include a growing number of payments to this currently complex 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 genuine difficulties or real difficult sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a business 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 information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an effect viewpoint on staff members it is definitely vital 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 need to be done right it has the most significant harmful result on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this type 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 a crucial cycle we all find out about it when it goes wrong everyone 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 stuff is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is an excellent initial step um providing an end-to-end payroll solution for your employees worldwide once again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their Worldwide 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 had a hundred countless them within a payroll cycle don’t expect 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 do not think any of us are really doing that for for the thanks
anyhow 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 processes and also so picture sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t envision 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 sort of shot to get back to everybody so carrying on appearance why do business pick to primary different bank accounts there are Papaya Global Director Set Up organizations out there doing precisely this for particular nations and I have actually worked in a service or lots of companies doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not have to and anyone that’s handling 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 reasons one is it’s the standard I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have 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 requires looking at it requires altering however ultimately individuals are very stuck to what they’re familiar
with right um modification is a hard thing we all do not like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving several bank accounts however there’s a big amount of intricacy goes with setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge but I believe the truthful response is change um individuals haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique 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 recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Director Set Up
I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum generally to the client why you should be utilized or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care 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 passed they have not contributed to pensions And so on so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance against misclassification but normally premiums are just covering the cost of legal charges whilst the average claim examined versus employers corresponds to to 40 or 50 percent of the base pay of worker 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 most of the times I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK