Handling payroll worldwide is an overwhelming task … Papaya Global Logim…
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 announced settlements there’s likewise considerable legal costs there exists’s other charges there’s other expenses behind that also 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 companies are getting it so wrong is truly just the rules are complex and they’re changing all the time believe ir-35 in the UK which has been a continuous development for several years now and and still a great deal of unpredictability among business on what it truly means and how you handle it most employers are simply not aware of the guidelines and and act as if the the guidelines 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 classification viewpoint all right thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the worker Papaya Global Suriname especially when it pertains to their own tax liabilities social security and advantages for example jury and certainly the workers the other side of the coin
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Over the last five or 6 years …Papaya Global Logim… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating 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 everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I want I was somewhere else 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 challenge years of managing Global payroll why companies keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also discuss a recap and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends 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 seeking to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment perspective lots of companies maintain different checking account just for payroll while some have several accounts in different nations does it make good sense for business to keep separate bank accounts in some cases in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll costs to enhance working capital, and discover how enhancing international payroll payments can change them from a challenging job into a strategic property.
due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, resulting in disparities and ineffectiveness. Regardless of residing in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and solutions to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in global payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system setups and then when you round everything off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included right and what does
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it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link 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 type of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data 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 live in and wellness being a growing number of essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re just looking to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely state that the larger a service 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 info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes 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 working in today there is no reason 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 business has from a cost point of view from an impact viewpoint on staff members it is definitely important that it’s done properly 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 greatest harmful effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market sort 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 anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only observe when things go wrong. However, 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 vital to ensure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Worldwide Payments first payroll payment solution is a fantastic initial action towards offering a comprehensive payroll option for staff members worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts needed for global payroll are crucial factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know how how crucial 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na state think of the amount 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 hundreds of thousands possibly Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t picture 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 in fact see what was going on and type of try to get back to everyone so moving on look why do companies choose to primary different checking account there are Papaya Global Logim services out there doing exactly this for specific countries and I’ve operated in a company or lots of organizations doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and any person 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 believe lots of reasons one is it’s the standard I think people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it needs changing however eventually people are extremely stuck with what they recognize
with best um change is a difficult thing all of us don’t like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping several savings account but there’s a big amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big but I think the truthful answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly 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 might almost be determined to be the next Century or two there is a lot to track and this approach does posture numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I recently made a change to our Enterprise 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 gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Logim
I find time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the client why you ought to be utilized or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance coverage against misclassification but usually premiums are just covering the cost of legal costs whilst the typical claim assessed versus companies corresponds to to 40 or 50 percent of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage 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