Handling payroll globally is a daunting task … P6O Archive 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 significant legal costs there exists’s other penalties there’s other costs behind that also so the total expense can be extremely substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is really just the rules are complicated and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for several years now and and still a great deal of unpredictability among business on what it truly indicates and how you deal with it most companies are simply not aware of the rules 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 workers from a category viewpoint all right thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the worker Papaya Global Payroll Setup especially when it pertains to their own tax liabilities social security and benefits for example jury and obviously the workers the other side of the coin
How much revenue does the company make? P6O Archive Papaya Global
Over the last 5 or 6 years …P6O Archive Papaya Global… functions on the company side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 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 sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property 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.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or very extremely fundamental there’s no real consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think
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 information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company invests in international 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 global services have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash 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 viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included ideal and what does
it need to be thought about there’s varying Bank information 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 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 anywhere you look ideal ultimately constructing a knowledge base is absolutely crucial however all over 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 look at the kind 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 fundamental and innovation is allowing us to kind of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m always surprised when individuals say 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 occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the compensation landscape is becoming increasingly detailed. Companies are continually introducing new advantages and payment alternatives, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technically advanced period, there’s no reason for preserving cumbersome procedures. Payroll, the company’s greatest cost, must be processed correctly and on time. Even minor hold-ups can adversely impact staff members’ wellness and have significant consequences. For that reason, it’s critical to prioritize accurate and timely payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all 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 think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a great initial step um providing an end-to-end payroll solution for your employees worldwide once again I believe is another big um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and bank accounts they require 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 have actually never ever 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 quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how crucial 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 simple as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine 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 absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so carrying on appearance why do companies choose to primary separate bank accounts there are P6O Archive Papaya Global companies out there doing precisely this for particular nations and I’ve worked in a business or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone 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 think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require 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 standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have 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 procedure that needs looking at it requires altering however ultimately people are extremely stuck to what they recognize
with best um modification is a hard thing we all do not like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving multiple checking account but there’s a huge amount of intricacy goes with setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is big but I believe the honest response is change um individuals have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on 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 approach does present several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you P6O Archive Papaya Global
I discover time and time again the employees typically misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the customer why you need to be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted 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 huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are getting insurance versus misclassification but generally premiums are just covering the cost of legal fees whilst the typical claim evaluated versus companies corresponds to to 40 or half of the base salary of worker exists any point in taking out 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 location 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 coverage on the basis of the truth that you were not in compliance with laws um in the UK