Handling payroll globally is an overwhelming job … Papaya Global Tax Year 2017 To 2018…
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 expenses there exists’s other charges there’s other costs behind that as well so the overall expense can be really significant in the tens of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so wrong is truly simply the rules are complex and they’re altering all the time believe ir-35 in the UK which has been a continuous development for several years now and and still a lot of unpredictability amongst business on what it really indicates and how you handle it most companies are just not aware of the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a classification viewpoint all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what results can this have on the staff member Papaya Global Poland specifically when it comes to their own tax liabilities social security and benefits for instance jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Tax Year 2017 To 2018
Over the last 5 or 6 years …Papaya Global Tax Year 2017 To 2018… functions on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I want I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very very fundamental there’s no genuine consistency framework we’re residing in an era of tech however 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 which just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be consisted of best and what does
it need to be thought of there’s differing Bank details 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 have 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 right eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of progress with that it also also to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by businesses throughout the world so once again you’re simply aiming to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or real difficult sort of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not 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 difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost viewpoint from an effect point of view on employees it is absolutely vital that it’s done properly 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 most significant harmful result on people’s well-being and numerous other factors if people aren’t paid uh I have actually always been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first Global Payments first payroll payment service is an excellent preliminary step towards providing an extensive payroll service for workers worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account necessary for international payroll are essential factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyhow 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 simple as possible for everybody that’s associated with those processes and also so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean up 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 try to look through them and in fact see what was going on and sort of try to return to everyone so moving on look why do companies choose to main different checking account there are Papaya Global Tax Year 2017 To 2018 organizations out there doing precisely this for specific countries and I’ve worked in a company or numerous services doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anyone that’s dealing with that process 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 believe many factors one is it’s the standard I believe individuals have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing however ultimately people are extremely stuck to what they’re familiar
with right um change is a hard thing all of us do not like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining numerous bank accounts but there’s a huge amount of complexity chooses setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is huge however I believe the truthful answer is change um people haven’t been able to change or have not had always the knowledge to really make that change into alternate Solutions other than 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 taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to monitor and this method does pose numerous challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a change to our Business 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 actually acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Tax Year 2017 To 2018
I find time and time again the employees typically misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous mainly to the client why you need to be employed 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 employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a big impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification however typically premiums are just covering the cost of legal fees whilst the typical claim evaluated against employers equates to to 40 or 50 percent of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK