Handling payroll worldwide is a daunting job … Papaya Global Net Worth…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also considerable legal costs there exists’s other penalties there’s other costs behind that too so the overall cost can be very substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason why business are getting it so incorrect is actually simply the guidelines are complex and they’re changing all the time think ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of unpredictability among companies on what it truly suggests and how you handle it most employers are simply not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a classification viewpoint okay thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member What Is The Istt Column In Papaya Global Payroll Reports especially when it comes to their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the opposite of the coin
How much revenue does the company make? Papaya Global Net Worth
Over the last five or six years …Papaya Global Net Worth… functions on the company side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join all of us 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 kind of like see where everyone originates 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 very really bleak and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 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 conventional payroll model there’s frequently a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or very really fundamental there’s no genuine consistency structure we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global services have expressed that they do not 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 poor HCM information data entry mistakes inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be included best and what does
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 capabilities so can you pay it from International or do you have 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 right ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they are like incredibly payments no if however some children 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 acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end procedure 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 wellness being increasingly more essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re simply looking to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times 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 era that you know that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost point of view from an effect viewpoint on staff members it is definitely critical that it’s done correctly 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 most significant harmful result on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll solution for your employees worldwide once again I believe is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to 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 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how important a function 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 everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everybody so moving on appearance why do companies pick to primary different checking account there are Papaya Global Net Worth services out there doing exactly this for particular countries and I have actually worked in a company or lots of services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anyone 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 many reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however ultimately individuals are extremely stuck to what they’re familiar
with best um modification is a hard thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving several bank accounts however there’s a huge amount of complexity opts for establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is huge but I think the honest answer is modification um individuals haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to monitor and this method does present numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Net Worth
I discover time and time again the employees often misclassified unknowingly they do not understand the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the client why you must be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on 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 business are securing insurance versus misclassification but usually premiums are only covering the cost of legal fees whilst the average claim examined versus companies corresponds to to 40 or half of the base pay of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it at least so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK