Handling payroll globally is a difficult task … Papaya Global Network Data Location…
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 substantial legal expenses there’s there’s other penalties there’s other expenses behind that also so the overall expense can be extremely considerable in the tens of countless dollars or more and and those amounts are growing uh the reason companies are getting it so incorrect is really just the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of uncertainty amongst business on what it really means and how you handle it most employers are simply not aware of the rules 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 classification point of view okay thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the employee Papaya Global E Banking specifically when it pertains to their own tax liabilities social security and benefits for instance jury and certainly the employees the opposite of the coin
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Over the last five or six years …Papaya Global Network Data Location… roles on the provider side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively 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 business precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the worldwide Workforce 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 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 worldwide in the traditional payroll design there’s often an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely very fundamental there’s no real consistency framework we’re living in an era 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 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 businesses state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in international payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be consisted of best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply seeking to add a growing number of payments to this already complicated landscape so if you sort 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 obstacles or real tough sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period 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 stated payroll is the single biggest liability that any service has from an expense point of view from an effect point of view on workers it is absolutely critical that it’s done correctly 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 detrimental impact on people’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has been told 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 an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 definitely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll option for your employees internationally once again I think is another substantial um procedure again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and lowering the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential a role 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 everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely 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 look through them and in fact see what was going on and kind of try to get back to everybody so moving on appearance why do business select to primary different savings account there are Papaya Global Network Data Location services out there doing exactly this for specific nations and I have actually operated in a company or many businesses doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and anyone 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 quantity that we are I think lots of factors one is it’s the standard I believe people have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs altering however eventually individuals are very stuck with what they recognize
with ideal um modification is a difficult thing all of us don’t like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining numerous savings account but there’s a big quantity of intricacy opts for setting up a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is huge but I think the honest response is change um people have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this approach does pose a number of obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range 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 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 more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Network Data Location
I discover time and time again the employees frequently misclassified unconsciously they do not comprehend the conditions of employment or agreement and are told by the customer why it’s most advantageous primarily to the customer why you must be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions And so on so it’s a huge impact that they never ever knew they were strolling 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 securing insurance versus misclassification however generally premiums are just covering the expense of legal costs whilst the average claim assessed against companies relates to to 40 or half of the base pay of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read 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 area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK