Handling payroll worldwide is a daunting job … How To Edit Payroll In 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 revealed settlements there’s also substantial legal costs there exists’s other penalties there’s other costs behind that also so the total cost can be really substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually simply the rules are complicated and they’re changing 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 companies on what it really means and how you handle it most companies are merely not knowledgeable about the rules 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 category point of view okay thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the staff member Papaya Global Programs For Accountants specifically when it comes to their own tax liabilities social security and advantages for instance jury and clearly the workers the other side of the coin
How much revenue does the company make? How To Edit Payroll In Papaya Global
Over the last five or six years …How To Edit Payroll In Papaya Global… roles on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 really really bleak and I want I was elsewhere 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 difficulty years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up which must leave his time at the very 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 Global workforces become increasingly more common and handling them ends up being a growing number of complex Global companies are seeking to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment viewpoint numerous organizations keep different savings account just for payroll while some have several accounts in various nations does it make sense for business to preserve separate savings account in some cases in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast 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 adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 standard payroll design there’s frequently an overwhelming number of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very really basic there’s no genuine consistency framework we’re residing in an age 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 frequently with pen and paper and that simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses 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 invests in global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a good concern I always toss 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 nation there’s payment time frames there’s payment capabilities 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 complexity wherever you look ideal ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if however some babies 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 absolutely essential and technology is permitting us to sort of move on with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry 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 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 increasingly more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply seeking to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to produce 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 an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately 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 definitely vital that it’s done correctly 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 biggest harmful impact on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your workers worldwide again I believe is another substantial um procedure once again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everybody so carrying on look why do business pick to main separate savings account there are How To Edit Payroll In Papaya Global businesses out there doing precisely this for specific countries and I’ve worked in a company or many services doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and anyone 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 many reasons one is it’s the requirement I think people have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people 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 lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing however eventually people are extremely stuck to what they recognize
with best um change is a challenging thing all of us do not like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining numerous bank accounts but there’s a huge amount of complexity opts for setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge but I think the truthful response is change um people have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. How To Edit Payroll In Papaya Global
I discover time and time again the workers often misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the client why it’s optimum mainly to the client why you ought to be employed or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have passed they have not added to pensions And so on so it’s a huge impact that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance versus misclassification however normally premiums are just covering the expense of legal costs whilst the average claim examined versus employers corresponds to to 40 or half of the base salary of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK