Handling payroll globally is a challenging job … Papaya Global Portal Open Karna Chaha Hu Translate…
publicly 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 also substantial legal expenses there’s there’s other penalties there’s other expenses behind that too so the total expense can be very substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually just the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a great deal of unpredictability amongst business on what it truly implies and how you handle it most employers are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a classification point of view all right thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the staff member Papaya Global Year End Procedures particularly when it comes to their own tax liabilities social security and advantages for example jury and obviously the employees the other side of the coin
How much revenue does the company make? Papaya Global Portal Open Karna Chaha Hu Translate
Over the last five or 6 years …Papaya Global Portal Open Karna Chaha Hu Translate… roles on the supplier side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so 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 interesting and I can see it going on already simply to hear where everyone 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 sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them becomes a growing number of intricate International companies are wanting to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment perspective many organizations preserve different savings account just for payroll while some have several accounts in various countries does it make sense for companies to preserve separate bank accounts often in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the global 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 improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency framework we’re residing in a period of tech but payroll has been slow 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 whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on global payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors badly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the essential several procedures 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 organization face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought of 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 have to pay from the client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming increasingly elaborate. Services are constantly presenting new benefits and payment choices, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically sophisticated era, there’s no validation for maintaining troublesome procedures. Payroll, the company’s most significant cost, must be processed properly and on time. Even small hold-ups can adversely affect workers’ wellness and have significant repercussions. For that reason, it’s vital to focus on accurate and timely payments.
payroll team get um so I’m not sure anybody on this sort of webinar has been told 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 employees or not um but ultimately payroll is such an important 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 workout 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 stuff is absolutely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a terrific initial step um providing an end-to-end payroll service for your workers worldwide again I believe is another substantial um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of companies and reducing the variety of tools platforms and savings account they need 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 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 have not gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how essential 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 everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na say 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 talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean 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 attempt to browse them and in fact see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to main different checking account there are Papaya Global Portal Open Karna Chaha Hu Translate organizations out there doing precisely this for specific nations and I have actually worked in a company or numerous companies doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and any person that’s managing that process 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 many factors one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing but ultimately people are extremely stuck with what they recognize
with ideal um change is a hard thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving several savings account but there’s a big quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is huge however I think the sincere answer is modification um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to monitor and this technique does pose several obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification 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 actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Portal Open Karna Chaha Hu Translate
I find time and time again the employees typically misclassified unwittingly they do not understand the conditions of work or contract and are informed by the customer why it’s optimum mainly to the customer why you should be used or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be affected 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 haven’t added to pensions And so on so it’s a big impact that they never ever knew they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance against misclassification but typically premiums are only covering the cost of legal fees whilst the average claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary of employee is there 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 penalty and interest in many 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 stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK