Managing payroll internationally is a daunting task … Does Oregon Point Of Sale System Integrate With Papaya Global Payroll…
publicly revealed 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 also substantial legal costs there exists’s other charges there’s other expenses behind that also so the overall cost can be really significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually just the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for several years now and and still a great deal of uncertainty amongst business on what it actually suggests and how you deal with it most employers are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a classification point of view all right thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the worker How To Put Continuous Child Support Deductions Into Papaya Global Payroll especially when it comes to their own tax liabilities social security and benefits for instance jury and obviously the workers the opposite of the coin
How much revenue does the company make? Does Oregon Point Of Sale System Integrate With Papaya Global Payroll
Over the last five or six years …Does Oregon Point Of Sale System Integrate With Papaya Global Payroll… functions on the supplier side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort 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 drizzling here it’s extremely very gloomy and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise go over a wrap-up which should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes a growing number of complex Global companies are aiming to discover Solutions and new methods to streamline procedures especially from a payroll and cross-border payment standpoint many companies preserve different bank account just for payroll while some have multiple accounts in different countries does it make sense for business to preserve separate savings account sometimes in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly policies compliance information security and banking rules then there are the large numbers they add more complexity the international Labor force is presently three and a half billion people by 2030 it’s estimated 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 organizations and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very very fundamental there’s no real consistency structure we’re residing in an age of tech but payroll has actually been slow 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 offer you an idea 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 gives me sleepless nights and rather honestly the more a company invests in global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in 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 forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by services throughout the world so again you’re simply looking 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’m sure however have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups 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 know 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 develop extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact perspective on staff members it is absolutely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful effect on people’s well-being and many other factors if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um supplying an end-to-end payroll solution for your workers worldwide again I believe is another substantial um process again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and decreasing the variety of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not 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 quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important a role 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 everybody that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to return to everybody so carrying on appearance why do companies pick to main separate checking account there are Does Oregon Point Of Sale System Integrate With Papaya Global Payroll companies out there doing exactly this for specific countries and I have actually operated in a company or numerous companies doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not have 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 lots of reasons one is it’s the standard I believe individuals have got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it needs altering but ultimately individuals are very stuck to what they’re familiar
with right um modification is a challenging thing all of us don’t like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining numerous savings account but there’s a huge quantity of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I believe the sincere response is change um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep track of and this approach does posture a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you switched 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 Worldwide workers you are worthy of a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Does Oregon Point Of Sale System Integrate With Papaya Global Payroll
I discover time and time again the employees typically misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the client why it’s most advantageous generally to the client why you ought to be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care 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 too late years have actually passed they have not contributed to pensions And so on so it’s a huge impact that they never ever understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance coverage versus misclassification but usually premiums are just covering the cost of legal charges whilst the average claim examined against employers corresponds to to 40 or half of the base pay 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 in many cases I have not seen it at least so uh the the other area that I do think 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 fact that you were not in compliance with laws um in the UK