Handling payroll globally is a complicated job … Papaya Global The Data You Have Choses…
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 also substantial legal costs there’s there’s other charges there’s other expenses behind that as well so the total cost can be really substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is truly simply the guidelines are complicated and they’re changing 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 unpredictability amongst companies on what it truly means and how you deal with 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 encourage you to to be really proactive as you’re engaging uh employees from a category viewpoint okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the employee Papaya Global Hiring specifically when it comes to their own tax liabilities social security and advantages for example jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Papaya Global The Data You Have Choses
Over the last five or 6 years …Papaya Global The Data You Have Choses… functions on the provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody 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 really really gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them becomes a growing number of complex Worldwide companies are looking to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve separate bank accounts sometimes in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can change them from a difficult job into a tactical possession.
due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The large number of workers and services adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. Regardless of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global services have actually expressed 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 due to time reporting bad HCM data data entry mistakes badly communicated 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 incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend 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 paying to employees or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody 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 process 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
The modern world places a high worth on well-being and the settlement landscape is becoming increasingly elaborate. Companies are continually presenting new advantages and payment alternatives, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly sophisticated era, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even minor hold-ups can adversely impact employees’ well-being and have far-reaching effects. Therefore, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a terrific initial step um supplying an end-to-end payroll service for your workers internationally once again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve 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 complaints where things haven’t gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how important 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 everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and type of shot to return to everybody so carrying on appearance why do companies select to main different checking account there are Papaya Global The Data You Have Choses businesses out there doing exactly this for particular countries and I have actually worked in a business or numerous services doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe people have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires altering however eventually individuals are really stuck with what they’re familiar
with best um modification is a tough thing we all do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining several checking account but there’s a substantial amount of complexity goes with setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial but I believe the truthful response is change um individuals haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does position numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I simply did you changed 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 staff members you are worthy of a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global The Data You Have Choses
I discover time and time again the workers frequently misclassified unconsciously they don’t understand the conditions of work or contract and are informed by the client why it’s most advantageous mainly to the client why you must be utilized or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and several 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 And so on so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance coverage against misclassification but usually premiums are only covering the cost of legal fees whilst the typical claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary of worker is there any point in securing insurance 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 most of the times 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 truth that you were not in compliance with laws um in the UK