Handling payroll globally is a challenging job … Papaya Global Trial Version…
openly announced 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 considerable legal expenses there’s there’s other penalties there’s other costs behind that as well so the overall cost can be extremely considerable in the tens of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so incorrect is really just the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a lot of uncertainty among business on what it actually indicates and how you handle it most companies are simply not knowledgeable about the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a category point of view alright thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the staff member Papaya Global Course Ayrshire especially when it comes to their own tax liabilities social security and advantages for instance jury and certainly the employees the other side of the coin
How much revenue does the company make? Papaya Global Trial Version
Over the last 5 or 6 years …Papaya Global Trial Version… roles on the company side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really bleak and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a recap and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and managing them ends up being increasingly more complex International companies are aiming to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint many companies keep separate checking account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different bank accounts in some cases in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies streamline the episode complex procedures of
Ensuring precise, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a burdensome job into a tactical property.
due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of workers and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of combination, causing inconsistencies and inefficiencies. In spite of living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and services 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 only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a service spends on global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and technology is permitting us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work better together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations across the world so once again you’re simply wanting to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run 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 an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense perspective from an effect perspective on workers it is definitely critical that it’s done correctly and on time so what we indicate 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 destructive effect on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been informed 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 workers or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 definitely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is a great initial step um providing an end-to-end payroll solution for your staff members worldwide once again I believe is another substantial um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate 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 indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely 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 try to look through them and really see what was going on and type of shot to return to everyone so carrying on appearance why do business select to primary different checking account there are Papaya Global Trial Version organizations out there doing exactly this for particular countries and I’ve worked in a business or many companies doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone 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 amount that we are I think lots of reasons one is it’s the standard I think people have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety 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 contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing however ultimately individuals are extremely stuck with what they’re familiar
with ideal um modification is a tough thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping numerous bank accounts however there’s a huge amount of intricacy opts for establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is substantial however I believe the sincere response is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century approximately there is a lot to monitor and this technique does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Trial Version
I find time and time again the workers typically misclassified unwittingly they don’t understand the conditions of work or agreement and are told by the customer why it’s most advantageous generally to the customer why you should be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 actually passed they haven’t added to pensions And so on so it’s a big effect that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance coverage versus misclassification however typically premiums are just covering the expense of legal costs whilst the average claim assessed versus employers equates to to 40 or half of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest most of the times I haven’t 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 denied protection on the basis of the truth that you were not in compliance with laws um in the UK