Managing payroll worldwide is a complicated job … Papaya Global Payroll Logo…
openly revealed 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 also considerable legal expenses there’s there’s other penalties there’s other costs behind that too so the overall cost can be really considerable 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 really simply the rules are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for a number of years now and and still a lot of uncertainty among business on what it really implies and how you deal with it most companies are simply not aware of the guidelines 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 workers from a classification viewpoint alright thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the worker Employment Allowance 2022/23 Papaya Global particularly when it pertains to their own tax liabilities social security and benefits for example jury and certainly the workers the opposite of the coin
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Over the last 5 or six years …Papaya Global Payroll Logo… roles on the provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay 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 already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 drizzling here it’s extremely very 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 taking a look at the obstacle years of managing International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise review a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and handling them ends up being a growing number of intricate Worldwide organizations are looking to discover Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment perspective numerous organizations keep different savings account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep different savings account often in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and discover how streamlining global payroll payments can transform them from a challenging task into a tactical asset.
due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and a lack of combination, leading to inconsistencies and ineffectiveness. In spite of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to offer insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the needed 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 challenges service 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 included right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you need 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 ideal ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in 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 innovation is allowing us to sort of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so again you’re just looking to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or real challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but 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 need to produce additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact viewpoint on workers it is definitely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on individuals’s well-being and many other aspects if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just discover when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a fantastic initial step towards offering a comprehensive payroll option for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account necessary for global payroll are crucial factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow we understand 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 everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up 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 try to check out them and really see what was going on and kind of try to get back to everyone so proceeding look why do companies pick to primary separate savings account there are Papaya Global Payroll Logo businesses out there doing precisely this for particular nations and I have actually operated in a service or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing however eventually individuals are very stuck to what they recognize
with best um modification is a difficult thing all of us don’t like change um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving numerous checking account however there’s a big amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the complexity is big but I believe the truthful answer is change um individuals have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep track of and this approach does pose a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Payroll Logo
I discover time and time again the employees often misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the customer why it’s most advantageous primarily to the customer why you ought to be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and several 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 contributed to pensions And so on so it’s a big impact that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance coverage versus misclassification but generally premiums are only covering the expense of legal fees whilst the average claim examined versus employers relates to to 40 or half of the base pay of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are stating 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