Managing payroll worldwide is a difficult task … Papaya Global On Hold…
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 announced settlements there’s likewise substantial legal expenses there exists’s other penalties there’s other costs behind that too so the total expense can be extremely substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is truly just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been an ongoing development for numerous years now and and still a great deal of uncertainty amongst business on what it truly means and how you deal with it most employers are simply not familiar with 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 very proactive as you’re engaging uh employees from a classification perspective fine 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 P6 Notice specifically when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the employees the opposite of the coin
How much revenue does the company make? Papaya Global On Hold
Over the last 5 or six years …Papaya Global On Hold… functions on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 want 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 looking at the challenge years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or very very standard there’s no genuine consistency structure we’re residing in a period 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 just blows my mind whenever 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 say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the typical cost of a worldwide data 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 smoothly if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what does not require to be included ideal and what does
it require 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 time frames there’s payment capabilities 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 client’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very payments no if but some babies 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 definitely basic and innovation is permitting us to type of move on with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re just looking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job 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 always require to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost viewpoint from an effect point of view on workers it is absolutely vital 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 biggest harmful impact on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been impressed entering this Market sort of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi International and other essential matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is a great initial action towards supplying a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account necessary for global payroll are crucial consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Eventually, we don’t do it for the gratitude.
anyhow we know 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and sort of shot to return to everyone so carrying on appearance why do business pick to primary separate savings account there are Papaya Global On Hold services out there doing exactly this for particular nations and I have actually operated in an organization or many services doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and any person that’s handling 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 amount that we are I think numerous factors one is it’s the standard I believe individuals have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted 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 many 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 extremely stuck with what they recognize
with best 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 standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining multiple bank accounts however there’s a substantial amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big but I believe the honest response is change um individuals haven’t had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to track and this method does present numerous obstacles um so Johnny could you inform us about those difficulties 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 manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global On Hold
I find time and time again the workers typically misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the client why it’s most advantageous generally to the customer why you ought to be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care 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 actually passed they have not added to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance versus misclassification but usually premiums are just covering the cost of legal fees whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base pay of worker exists any point in taking out 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 most of the times I have not seen it a minimum of 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 fact that you were not in compliance with laws um in the UK