Managing payroll worldwide is a challenging task … Papaya Global Processing…
openly revealed 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 also substantial legal costs there’s there’s other penalties there’s other expenses behind that as well so the total expense can be really substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is actually just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for numerous years now and and still a great deal of uncertainty amongst business on what it truly suggests and how you deal with it most employers are simply not familiar with the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be very 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 just the company that suffers in the long run what effects can this have on the employee Papaya Global Course Classroom particularly when it pertains to their own tax liabilities social security and advantages for example jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Processing
Over the last five or six years …Papaya Global Processing… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join we all 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 already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, 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 tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they add more complexity the global Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely standard there’s no real consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in international payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of international services have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is enabling us to type of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 typically 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 individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to add to type of the level of complexity there’s more and more benefits being organ or being offered by companies throughout the world so once again you’re simply looking to add a growing number of payments to this already complicated landscape so if you type 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 real challenges or genuine challenging sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times 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 age of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an effect perspective on staff members it is absolutely vital 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 have to be done right it has the most significant damaging effect on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only notice when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. For that reason, it is vital to make sure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a terrific preliminary step towards providing a thorough payroll option for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account required for global payroll are crucial factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know how how important a function 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 everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate 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 all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of try to get back to everyone so carrying on look why do companies select to main separate bank accounts there are Papaya Global Processing companies out there doing exactly this for particular countries and I’ve operated in a service or many organizations doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and any person that’s handling that procedure 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 believe lots of reasons one is it’s the standard I think people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck to what they recognize
with best um change is a difficult thing all of us don’t like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping numerous bank accounts but there’s a big quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial however I believe the honest response is modification um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to track and this method does position numerous difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Enterprise 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 Global workers you are worthy of a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Processing
I find time and time again the employees often misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the customer why it’s most advantageous generally to the customer why you ought to be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and numerous 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 contributed 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 state the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance against misclassification but usually premiums are only covering the cost of legal costs whilst the average claim assessed against companies equates to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out 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 area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK