Managing payroll worldwide is a challenging task … Papaya Global Training Courses…
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 announced settlements there’s also substantial legal costs there’s there’s other penalties there’s other costs behind that as well so the total cost can be really significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong 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 lot of uncertainty amongst companies on what it really suggests and how you handle it most employers are just not knowledgeable about the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a classification perspective alright thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the employee Papaya Global Training Package particularly when it pertains to their own tax liabilities social security and advantages for example jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Training Courses
Over the last 5 or 6 years …Papaya Global Training Courses… functions on the service provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also discuss a wrap-up and that needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and handling them becomes increasingly more complex Worldwide organizations are seeking to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective many companies maintain separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve different bank accounts in some cases in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add additional intricacy the worldwide Workforce is currently 3 and a half billion individuals 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 factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there’s frequently an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very very standard there’s no genuine consistency structure we’re living in an age of tech however payroll has actually been sluggish 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 each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on global payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes 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 location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be included best and what does
it need to be thought of 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 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 client’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if however some children 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 recognition that payroll payments are definitely basic and technology is permitting 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 differing Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone 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 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 anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the payment landscape is becoming significantly intricate. Businesses are continuously introducing brand-new advantages and payment alternatives, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly advanced age, there’s no reason for keeping cumbersome procedures. Payroll, the business’s biggest expense, should be processed properly and on time. Even minor delays can adversely impact employees’ wellness and have significant repercussions. For that reason, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m uncertain anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll service for your workers internationally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and checking account they require for their Worldwide 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 thousand of 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 complaints where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of 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 however it would definitely be an interesting task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to get back to everyone so moving on look why do business pick to main different bank accounts there are Papaya Global Training Courses services out there doing precisely this for particular countries and I have actually worked in a service or many businesses doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we don’t 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 quantity that we are I believe lots of factors one is it’s the standard I believe people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing but ultimately people are extremely stuck with what they’re familiar
with right um change is a tough thing all of us do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining several bank accounts however there’s a big quantity of intricacy opts for setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is substantial however I believe the truthful response is modification um individuals have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I just did you switched our Business 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 staff members you are worthy of a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Training Courses
I find time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the client why it’s optimum mainly to the client why you must be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they have not contributed to pensions And so on so it’s a big impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance against misclassification however normally premiums are only covering the expense of legal fees whilst the average claim assessed against employers equates to to 40 or half of the base pay of worker is there 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 charge and interest most of the times I have not seen it at least so uh the the other location 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 stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK