Managing payroll globally is a challenging task … Call Papaya Global…
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 likewise significant legal costs there’s there’s other charges there’s other expenses behind that too so the overall cost can be really substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason business are getting it so wrong is truly simply the rules are intricate and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a lot of unpredictability among companies on what it actually means and how you handle it most employers are merely not aware of 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 really proactive as you’re engaging uh employees from a category perspective fine thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the worker Papaya Global Global Payroll especially when it pertains to their own tax liabilities social security and advantages for example jury and obviously the workers the opposite of the coin
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Over the last 5 or six years …Call Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 very dreary and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly 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 business precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most notably policies compliance information security and banking rules then there are the large numbers they include more intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 around the world in the traditional payroll design there’s frequently a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very very basic there’s no genuine consistency framework we’re living in a period of tech however payroll has 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 just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary 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 obstacles company face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be included ideal and what does
it need to be thought about there’s differing Bank details 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 capabilities 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people say I’ve split 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 an industry 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being used by companies across the world so once again you’re simply looking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real tough kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient 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 working in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on workers it is absolutely vital that it’s done properly and on time so what we mean 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 detrimental result on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just see when things go wrong. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Worldwide Payments first payroll payment solution is a terrific preliminary action towards offering a detailed payroll solution for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account required for international payroll are key consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Eventually, we don’t do it for the appreciation.
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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean 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 need days of the week to try to look through them and really see what was going on and type of shot to return to everyone so carrying on look why do companies pick to main separate bank accounts there are Call Papaya Global organizations out there doing exactly this for specific countries and I have actually worked in an organization or numerous services doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s handling that process 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 think numerous factors one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by 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 range I believe this is a procedure that requires taking a look at it requires altering however eventually people are extremely stuck with what they’re familiar
with best um modification is a difficult thing all of us do not like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping numerous bank accounts however there’s a huge quantity of intricacy goes with setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I think the honest response is change um people haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this technique does position numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Call Papaya Global
I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous mainly to the customer why you must be used or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions Etc so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance against misclassification but usually 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 salary of worker is there any point in taking out 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 in most cases I haven’t seen it at least 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 pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK