Managing payroll globally is a difficult job … Papaya Global Dr Congo…
publicly revealed 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 very significant in the tens of millions of dollars or more and and those amounts are growing uh the reason business are getting it so incorrect is really simply the guidelines are intricate and they’re changing all the time think ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a lot of uncertainty amongst companies on what it truly means and how you deal with it most employers are simply not aware of 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 okay thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the staff member How Does Papaya Global Payroll Integrate With Projects particularly when it concerns their own tax liabilities social security and benefits for instance jury and clearly the employees the other side of the coin
How much revenue does the company make? Papaya Global Dr Congo
Over the last 5 or 6 years …Papaya Global Dr Congo… roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join all of us 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 simply to hear where everybody is um it’s nice to to sort of like see where everybody 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 drizzling here it’s really very uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and find how simplifying global payroll payments can transform them from a challenging job into a tactical asset.
due to different policies, compliance requirements, information security issues, and banking rules. The large variety of workers and organizations contributes to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of residing in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and services to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the wrong place the average cost of a worldwide data 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 needed 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 obstacles business face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of best and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is definitely vital but all over 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 look at the kind 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 fundamental and innovation is permitting us to sort of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being offered by businesses across the world so again you’re just looking to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period 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 difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on employees it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market kind of the last 5 to 10 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 terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees internationally again I think is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of organizations and lowering 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 ever 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 grievances where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 associated with those procedures and also so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of 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 really see what was going on and kind of shot to return to everybody so carrying on look why do business pick to primary separate savings account there are Papaya Global Dr Congo businesses out there doing precisely this for specific countries and I have actually worked in a business or many services doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not have to and any person that’s handling 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 amount that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized 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 number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs altering but ultimately people are very stuck with what they’re familiar
with ideal um change is a tough thing all of us don’t like modification um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping multiple savings account however there’s a substantial amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge however I believe the honest response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to monitor and this approach does posture numerous difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you switched our Business 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 Global workers you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Dr Congo
I discover time and time again the workers frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the client why it’s optimum mainly to the client why you must be utilized or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages 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 actually passed they haven’t added to pensions Etc so it’s a huge impact that they never ever understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification however normally premiums are only covering the cost of legal charges whilst the average claim assessed against employers equates to to 40 or half of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read 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 rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK