Handling payroll worldwide is a daunting task … Papaya Global Calendar 2017 18…
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 considerable legal costs there’s there’s other charges there’s other costs behind that too so the overall expense can be really substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is actually just the rules are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of uncertainty among business on what it actually implies and how you handle it most companies are merely not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a category point of view okay 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 staff member Papaya Global Removal Tool particularly when it concerns their own tax liabilities social security and advantages for example jury and obviously the employees the opposite of the coin
How much revenue does the company make? Papaya Global Calendar 2017 18
Over the last five or 6 years …Papaya Global Calendar 2017 18… roles on the supplier side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really 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 dreary and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking 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 tactical property so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the worldwide Labor force is currently three 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 consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s often a frustrating number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very very standard there’s no genuine consistency structure we’re residing in an era of tech however payroll has actually 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 simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be consisted of best and what does
it require 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 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 consumer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually 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 however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses throughout the world so again you’re just aiming to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or real tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s really managing 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 understand long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an impact viewpoint on staff members it is definitely crucial that it’s done correctly and on time so what we suggest 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 damaging result on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe 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 things is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll solution for your employees internationally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of businesses and reducing the variety of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in regards to 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 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to return to everybody so carrying on look why do business select to main different savings account there are Papaya Global Calendar 2017 18 companies out there doing precisely this for particular nations and I’ve operated in an organization or lots of organizations doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and any person that’s dealing with 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 believe lots of reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have 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 looking at it requires altering but eventually people are really stuck to what they’re familiar
with right um modification is a challenging thing we all do not like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving several checking account however there’s a substantial amount of intricacy chooses setting up a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I think the sincere answer is change um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually always 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 almost be identified to be the next Century or two there is a lot to keep track of and this approach does posture several obstacles um so Johnny could you inform us about those challenges yeah naturally 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 seems like our CFO has gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Calendar 2017 18
I discover time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the customer why it’s most advantageous mainly to the client why you should be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they have not contributed to pensions Etc so it’s a big effect that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification but usually premiums are just covering the expense of legal costs whilst the average claim evaluated versus companies equates to to 40 or half of the base pay of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location that I do think if you managed to get the coverage 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