Handling payroll globally is a complicated job … Can I Use Papaya Global For My Bookkeeping Clients…
publicly announced 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 considerable legal expenses there’s there’s other penalties there’s other costs behind that as well so the overall cost can be really significant in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is truly simply the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a great deal of unpredictability among companies on what it truly implies and how you deal with it most employers are merely not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category perspective all right thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the staff member Papaya Global Cycle To Work Scheme especially when it comes to their own tax liabilities social security and advantages for example jury and undoubtedly the workers the other side of the coin
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Over the last 5 or six years …Can I Use Papaya Global For My Bookkeeping Clients… functions on the service provider side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide 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 kind of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also review a wrap-up which needs to leave his time at the really really 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 International workforces end up being a growing number of typical and managing them ends up being a growing number of complex Worldwide companies are seeking to discover Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment perspective many organizations maintain separate savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep different savings account often in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business simplify the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a challenging job into a tactical possession.
due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and companies adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and an absence of integration, leading to disparities and inadequacies. Despite residing in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be consisted of ideal 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 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and innovation is permitting us to type of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance 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 anybody what is payroll who doesn’t operate 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by businesses throughout the world so again you’re simply wanting to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from an expense perspective from an impact perspective on employees it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful impact on individuals’s wellness and many other aspects if people aren’t paid uh I’ve constantly been astonished entering into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view 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 stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your employees globally once again I believe is another big um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and checking account they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 involved in those processes and also so imagine sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely 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 held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to return to everybody so moving on appearance why do business choose to main different checking account there are Can I Use Papaya Global For My Bookkeeping Clients businesses out there doing exactly this for specific countries and I have actually worked in an organization or numerous organizations doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and anybody that’s dealing with 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 quantity that we are I think lots of factors one is it’s the requirement I think people have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing but eventually people are really stuck to what they recognize
with best um modification is a difficult thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having maintaining numerous bank accounts but there’s a substantial quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is huge however I think the truthful response is modification um people have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep track of and this approach does position a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Can I Use Papaya Global For My Bookkeeping Clients
I discover time and time again the employees typically misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s optimum mainly to the customer why you should be employed or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits 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 too late years have passed they have not contributed to pensions And so on so it’s a huge impact that they never 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 ten years um Kathy business are taking out insurance coverage versus misclassification but generally premiums are only covering the expense of legal charges whilst the typical claim assessed versus companies relates to to 40 or half of the base salary of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of 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 fact that you were not in compliance with laws um in the UK