Handling payroll worldwide is an overwhelming job … Papaya Global Create New Company…
publicly announced 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 likewise significant legal costs there exists’s other penalties there’s other costs behind that too so the overall cost can be very considerable in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is truly simply the rules are complex and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for several years now and and still a great deal of unpredictability among business on what it really implies and how you handle it most employers are merely not aware of the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a category perspective okay thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the staff member Papaya Global Payroll Svb specifically when it concerns their own tax liabilities social security and benefits for instance jury and obviously the workers the opposite of the coin
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Over the last five or six years …Papaya Global Create New Company… functions on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all 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 just to hear where everybody is um it’s nice to to sort 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 drizzling here it’s really very uninspiring and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll also go over a wrap-up and that should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and handling them ends up being a growing number of complicated International companies are looking to discover Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment standpoint many companies keep separate checking account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different bank accounts in some cases in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments accurately efficiently 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 business properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very really standard there’s no genuine consistency framework we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the client’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split 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 information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re just seeking to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or genuine challenging kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely state that the larger a business 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 details 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 doesn’t 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 run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on employees it is definitely crucial 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 need to be done right it has the biggest detrimental effect on people’s well-being and many other elements if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your workers internationally again I think is another big um process once again lining up and guaranteeing you have standardization International processes all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and savings account they require for their International 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 ever had a hundred countless 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 problems where things have not gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how important a function 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 easy as possible for everybody that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and kind of shot to get back to everybody so moving on look why do companies choose to primary separate checking account there are Papaya Global Create New Company companies out there doing exactly this for particular countries and I have actually operated in a business or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and any person 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 believe lots of factors one is it’s the requirement I believe individuals have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately individuals are very stuck with what they recognize
with best um change is a hard thing we all don’t like change um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having keeping numerous checking account however there’s a huge quantity of intricacy opts for establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I think the sincere answer is modification um people have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does pose numerous challenges 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 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 feels like our CFO has gained another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Create New Company
I discover time and time again the workers frequently misclassified unconsciously they do not understand the conditions of employment or contract and are told by the customer why it’s most advantageous generally to the customer why you must be used or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee 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 actually passed they have not added to pensions And so on so it’s a huge impact that they never ever understood they were strolling into you could not 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 coverage against misclassification however normally premiums are just covering the expense of legal costs whilst the typical claim assessed versus employers relates to to 40 or half of the base salary of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location that I do think 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 protection on the basis of the reality that you were not in compliance with laws um in the UK