Managing payroll globally is a daunting task … About Papaya Global…
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 also substantial legal costs there’s there’s other charges there’s other expenses behind that also so the total cost can be really considerable in the 10s of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is really simply the guidelines are complex and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a great deal of uncertainty amongst companies on what it really means and how you handle it most employers are merely not familiar with the guidelines and and act as if the the rules 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 all right thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee How To Find Form 941 Papaya Global particularly when it concerns their own tax liabilities social security and benefits for example jury and certainly the employees the other side of the coin
How much revenue does the company make? About Papaya Global
Over the last five or 6 years …About Papaya Global… roles on the provider side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can change them from a difficult job into a strategic asset.
due to numerous guidelines, compliance requirements, data security issues, and banking rules. The large variety of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. In spite of residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have expressed 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 bad HCM information data entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what does not require to be included best and what does
it need to be considered there’s varying 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 capabilities 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if but some babies 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 acknowledgment that payroll payments are definitely basic and technology is enabling us to sort of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re just looking to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups 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 but you understand 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 need to produce additional handoffs in the processes that we run in they simply make them more timely they make them less efficient 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 operating in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an effect perspective on employees it is absolutely critical 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 need to be done right it has the most significant destructive result on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first International Payments first payroll payment service is a terrific preliminary action towards supplying a comprehensive payroll service for employees worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts essential for worldwide payroll are crucial factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow we know how how essential 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and type of shot to get back to everyone so moving on look why do business select to primary separate bank accounts there are About Papaya Global services out there doing precisely this for specific nations and I’ve operated in an organization or lots of services doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and anybody 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 numerous factors one is it’s the requirement I believe people have got so used to we require a brand-new savings 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 norm the people have actually adopted 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 methods um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually individuals are really stuck with what they recognize
with best um modification is a hard thing all of us don’t like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping numerous savings account however there’s a huge quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big however I think the sincere answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep track of and this method does pose several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range 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 tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. About Papaya Global
I discover time and time again the workers frequently misclassified unknowingly they do not understand the conditions of employment or contract and are informed by the customer why it’s optimum generally to the customer why you must be used or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities 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 passed they haven’t added to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance coverage against misclassification however typically premiums are only covering the cost of legal costs whilst the average claim evaluated versus employers 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 penalty and interest in many cases I haven’t seen it at least so uh the the other area that I do believe 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK