Managing payroll globally is a difficult job … Papaya Global Tax Calendar 2022/23…
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Over the last 5 or six years …Papaya Global Tax Calendar 2022/23… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them becomes increasingly more complex Worldwide organizations are seeking to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous companies preserve separate savings account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different savings account often in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a challenging job into a tactical possession.
due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of combination, causing disparities and inefficiencies. In spite of residing in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the essential multiple 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 good question I always toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if but some infants 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 acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to contribute to sort of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re just seeking to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams 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 however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they just 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 a period that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an impact viewpoint on workers it is absolutely vital that it’s done properly 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 biggest harmful effect on people’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been surprised coming 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 kind of webinar has been informed 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 staff members or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a great initial step um providing an end-to-end payroll solution for your workers worldwide again I think is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how essential 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting 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 need days of the week to attempt to browse them and actually see what was going on and type of shot to get back to everybody so carrying on look why do companies select to primary different checking account there are Papaya Global Tax Calendar 2022/23 businesses out there doing exactly this for specific countries and I’ve operated in a service or many organizations doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anybody that’s handling 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 amount that we are I believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately 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 standard and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing however eventually people are really stuck to what they recognize
with right um change is a hard thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping multiple savings account but there’s a big quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is big but I believe the sincere answer is change um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to monitor and this technique does pose several challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Tax Calendar 2022/23
I find time and time again the employees typically misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you must be utilized or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities 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 too late years have passed they have not contributed to pensions And so on so it’s a huge effect that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance against misclassification however typically premiums are just covering the expense of legal charges whilst the average claim examined against employers equates to to 40 or 50 percent of the base pay of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest for the most part I have not seen it at least so uh the the other location that I do believe 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK