Managing payroll worldwide is a challenging job … Papaya Global Software For Accountants…
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s likewise considerable legal expenses there’s there’s other charges there’s other expenses behind that as well so the overall expense can be really considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so incorrect is truly simply the rules are intricate and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a lot of unpredictability amongst companies on what it truly suggests and how you handle it most companies are merely not familiar with the guidelines 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 perspective fine thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the staff member Papaya Global Support Contact specifically when it comes to their own tax liabilities social security and benefits for example jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Papaya Global Software For Accountants
Over the last five or six years …Papaya Global Software For Accountants… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so 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 just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually 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 drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also review a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them becomes increasingly more complicated Global organizations are seeking to find Solutions and new ways to improve processes particularly from a payroll and cross-border payment standpoint numerous companies maintain separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve different checking account in some cases in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments precisely effectively firmly 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 precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add additional complexity the global Workforce is currently three and a half billion individuals 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely really standard there’s no genuine consistency framework we’re living in an age of tech but payroll has actually 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 think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global organizations 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 errors are due to time reporting poor HCM information information entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they count on the essential multiple procedures 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 obstacles business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be included right and what does
it require to be considered there’s varying Bank details 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you walk 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 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 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 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re simply looking to include more and more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly say 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 groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an impact viewpoint on workers it is absolutely 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 have to be done right it has the biggest destructive effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been amazed 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 sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a great initial step um offering an end-to-end payroll option for your workers worldwide once again I think is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of 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 grievances where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t envision 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 really see what was going on and sort of try to return to everyone so moving on look why do business choose to main separate checking account there are Papaya Global Software For Accountants organizations out there doing exactly this for specific countries and I have actually operated in a service or numerous organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts 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 requirement I believe individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing but ultimately people are really stuck to what they recognize
with ideal um modification is a hard thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining multiple savings account however there’s a substantial amount of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I think the sincere response is change um people haven’t been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this technique does posture numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Software For Accountants
I discover time and time again the workers typically misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous generally to the customer why you ought to be employed or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care 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 too late years have passed they have not contributed to pensions Etc so it’s a big effect that they never ever knew they were walking into you could not agree with you more if you say 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 only covering the cost of legal costs whilst the typical claim evaluated against employers relates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK