Managing payroll worldwide is a complicated job … Papaya Global Help Online…
publicly 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 substantial legal expenses there’s there’s other penalties there’s other expenses behind that as well so the overall cost can be extremely considerable 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 really simply the rules are complex and they’re altering all the time believe ir-35 in the UK which has been an ongoing development for numerous years now and and still a lot of uncertainty amongst companies on what it really implies and how you deal with it most companies are just not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a category perspective all right thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee Papaya Global Takes Care especially when it comes to their own tax liabilities social security and benefits for example jury and certainly the employees the opposite of the coin
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Over the last five or six years …Papaya Global Help Online… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everybody comes from and I truly 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 bleak and I want I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also review a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them becomes more and more complex Global companies are aiming to find Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment standpoint many companies maintain different checking account just for payroll while some have several accounts in various nations does it make sense for companies to keep different checking account sometimes in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country however when you’re doing it internationally 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 include further complexity the worldwide Workforce 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 people that number is currently 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 an overwhelming number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of global services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately communicated hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the necessary multiple 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 obstacles business face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what does not require to be included ideal and what does
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it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being used by services across the world so again you’re just aiming to add increasingly more payments to this already complex 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 real challenges or real tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say 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 in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce additional handoffs in the processes 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 a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense viewpoint from an effect point of view on staff members it is definitely vital that it’s done correctly and on time so what we indicate 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 harmful effect on people’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment solution is an excellent initial step towards offering a detailed payroll option for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and bank accounts necessary for global payroll are crucial consider accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyway we understand how how essential 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and type of try to get back to everybody so moving on appearance why do companies pick to main separate bank accounts there are Papaya Global Help Online businesses out there doing exactly this for particular countries and I have actually worked in a company or many companies doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anybody that’s handling 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 believe many 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 rightly 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 just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but eventually people are very stuck to what they recognize
with best um change is a difficult thing we all don’t like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts however there’s a huge amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is big but I think the sincere answer is change um individuals haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this method does pose a number of challenges um so Johnny might you tell us about those challenges yeah naturally 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 employees you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Help Online
I discover time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous mainly to the client why you ought to be employed or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected 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 haven’t added to pensions Etc so it’s a big impact that they never understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance versus misclassification but usually premiums are only covering the cost of legal fees whilst the average claim assessed versus employers relates to to 40 or 50 percent of the base pay of employee is there any point in getting 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 most of the times I haven’t seen it a minimum of 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 rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK