Handling payroll worldwide is a difficult job … Papaya Global Contact Centre…
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 likewise significant legal expenses there’s there’s other penalties there’s other expenses behind that as well so the total expense can be really considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason why business are getting it so wrong is truly just the guidelines are intricate and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a great deal of uncertainty amongst companies on what it really implies and how you handle it most companies are just not familiar with the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a category point of view okay thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee Papaya Global Slow To Open especially when it comes to their own tax liabilities social security and advantages for instance jury and certainly the workers the opposite of the coin
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Over the last five or six years …Papaya Global Contact Centre… functions on the service provider side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 bleak and I wish 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 difficulty years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll likewise go over a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them ends up being more and more complicated International organizations are looking to find Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep different savings account sometimes in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies improve the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a challenging job into a strategic property.
due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and options to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of an image they see a lack of exposure likewise extends to 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 companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the average cost of a global information 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 efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly surprised when people say I have actually 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 split the payroll payment from estimation 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 however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by organizations throughout the world so again you’re just seeking to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real challenges or real difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they simply make them more timely they make them less effective 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 working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an effect viewpoint on staff members it is absolutely crucial 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 biggest destructive effect on people’s wellness and many other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just 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 stuff is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a terrific first step um offering an end-to-end payroll service for your staff members globally once again I think is another huge um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and savings account they require for their International 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 everybody that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of 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 in fact see what was going on and type of try to get back to everybody so proceeding look why do companies pick to primary separate bank accounts there are Papaya Global Contact Centre businesses out there doing exactly this for specific nations and I have actually operated in a company or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that process 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 numerous reasons one is it’s the standard I think people have actually got so utilized to we need a new savings account we open an entity and rightly so you require 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 standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering however eventually individuals are really stuck with what they’re familiar
with best um modification is a hard thing all of us don’t like change um so I think 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 stuff um I understand obviously the advantages of having keeping numerous savings account however there’s a huge quantity of complexity opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is big however I believe the sincere response is change um people haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to keep an eye on and this technique 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 just did you switched 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 employees you should have a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Contact Centre
I discover time and time again the workers often misclassified unwittingly they do not comprehend the conditions of work or agreement and are told by the client why it’s optimum generally to the customer why you must be used or engaged in this style 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 far too late years have gone by they have not added to pensions Etc so it’s a big impact that they never understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance versus misclassification but typically premiums are only covering the cost of legal fees whilst the average claim evaluated against companies corresponds to to 40 or half of the base pay of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK