Handling payroll globally is a daunting task … Papaya Global Business Cloud Professional…
openly 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 considerable legal expenses there exists’s other charges there’s other costs behind that as well so the total cost can be really substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason that business are getting it so wrong is truly simply the rules are complicated and they’re changing 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 amongst business on what it truly suggests and how you handle it most employers are just not aware of 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 really proactive as you’re engaging uh employees from a category viewpoint 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 employee Papaya Global New Tax Year particularly when it concerns their own tax liabilities social security and benefits for instance jury and clearly the employees the opposite of the coin
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Over the last five or 6 years …Papaya Global Business Cloud Professional… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple 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 quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually 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 really very gloomy and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business 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 simplifying papaya Global payroll payments as a strategic property uh we’ll likewise review a recap 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them ends up being a growing number of intricate International organizations are looking to find Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment perspective lots of organizations maintain different bank account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain different checking account often in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments precisely effectively securely 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 strategic possession so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really very standard there’s no genuine consistency framework we’re residing in a period of tech however 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 which just blows my mind every time I I believe
about it to offer 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 sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have revealed 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 due to time reporting bad HCM information data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included ideal and what does
it require to be thought of there’s varying 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era 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 said payroll is the single biggest liability that any company has from a cost viewpoint from an effect point of view on workers it is absolutely critical 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 need to be done right it has the greatest detrimental impact on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been impressed entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us 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 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 things is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is a terrific primary step um providing an end-to-end payroll solution for your workers globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of services and decreasing the variety of tools platforms and bank accounts 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how crucial 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 procedures and likewise so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and kind of shot to get back to everybody so moving on look why do companies pick to primary separate checking account there are Papaya Global Business Cloud Professional organizations out there doing exactly this for specific nations and I’ve operated in a service or many organizations doing exactly that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and any person that’s dealing with 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 believe lots of factors one is it’s the standard I believe people have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have taken a look 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 needs taking a look at it requires changing however eventually individuals are very stuck to what they recognize
with best um change is a tough thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping several checking account but there’s a huge quantity of intricacy opts for setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is big but I believe the truthful response is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to track and this approach does position a number of obstacles um so Johnny might you inform us about those difficulties 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 manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Business Cloud Professional
I find time and time again the employees typically misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the customer why you must be utilized or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and a number of 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 Etc so it’s a big impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance coverage versus misclassification however usually premiums are just covering the expense of legal costs whilst the average claim examined against companies relates to to 40 or half of the base pay of worker is there any point in taking out insurance coverage 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 charge and interest for the most part I have not seen it at least 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK