Managing payroll worldwide is a daunting job … Made Leaver By Mistake Papaya Global…
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 revealed settlements there’s also considerable legal costs there’s there’s other penalties there’s other costs behind that as well so the total cost can be very significant in the tens of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is actually just the rules are intricate and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for numerous years now and and still a lot of uncertainty among companies on what it truly means and how you handle it most employers are just not familiar with the rules 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 category perspective all right 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 worker How Does Papaya Global Payroll Compared To Adp particularly when it concerns their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin
How much revenue does the company make? Made Leaver By Mistake Papaya Global
Over the last five or six years …Made Leaver By Mistake Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating 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 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 really really dreary and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll likewise review a wrap-up which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them ends up being a growing number of complicated Global companies are wanting to find Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve different savings account often in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include further complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s frequently an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no genuine consistency framework we’re living in an era 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 simply blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the required numerous processes 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 challenges service face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be consisted of best and what does
it need to be thought of 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 developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it also too to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone 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 a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by organizations throughout the world so once again you’re just wanting to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you know 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 in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense point of view from an impact point of view on staff members it is definitely important that it’s done correctly 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 greatest detrimental effect on people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been astonished entering this Market kind of the last five 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 told 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 ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails 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 things is absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a terrific first step um supplying an end-to-end payroll option for your workers worldwide again I believe is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how important a role 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 everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and type of try to return to everyone so proceeding appearance why do business select to primary different checking account there are Made Leaver By Mistake Papaya Global businesses out there doing precisely this for particular nations and I have actually worked in an organization or many organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person that’s managing 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 think numerous factors one is it’s the standard I believe people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a process that requires looking at it requires altering however eventually individuals are very stuck with what they’re familiar
with ideal um modification is a difficult thing we all do not like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving multiple checking account but there’s a big amount of intricacy opts for setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big however I think the truthful answer is modification um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think 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 real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to monitor and this method does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I 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 feels like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Made Leaver By Mistake Papaya Global
I find time and time again the workers frequently misclassified unconsciously they do not understand the conditions of work or contract and are informed by the customer why it’s optimum primarily to the client why you ought to be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions Etc so it’s a big impact that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance versus misclassification however usually premiums are just covering the cost of legal costs whilst the average claim evaluated against companies relates to to 40 or half of the base salary of worker exists any point in securing insurance 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 penalty and interest for the most part I have not 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 denied protection on the basis of the fact that you were not in compliance with laws um in the UK