Handling payroll worldwide is a challenging task … Dave Strickland Papaya Global…
openly revealed 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 significant legal expenses there exists’s other penalties there’s other expenses behind that also so the total cost can be very substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason why business are getting it so incorrect is truly simply the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has actually been a continuous development for numerous years now and and still a lot of unpredictability among business on what it truly means and how you handle 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 okay thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what results can this have on the worker Change Papaya Global Data Location especially when it comes to their own tax liabilities social security and benefits for example jury and undoubtedly the workers the opposite of the coin
How much revenue does the company make? Dave Strickland Papaya Global
Over the last 5 or 6 years …Dave Strickland Papaya Global… roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 gloomy and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also go over a recap which should 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 become increasingly more common and managing them becomes increasingly more complicated International companies are aiming to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to keep separate checking account sometimes in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll costs to enhance working capital, and find how simplifying international payroll payments can change them from a burdensome task into a strategic asset.
due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large number of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and a lack of combination, causing inconsistencies and inefficiencies. In spite of residing in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and options 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 organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in international payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not 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 time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 eventually 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
world we reside in and well-being being a growing number of crucial to contribute to sort of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so again you’re simply looking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine difficult type of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years 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 details into the next function as it were that’s actually handling 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 create additional handoffs in the processes 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 an era that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an impact viewpoint on workers it is absolutely crucial 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 greatest detrimental impact on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll option for your employees worldwide once again I believe is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of companies and lowering the variety of tools platforms and checking account they require for their International payroll too couldn’t 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 thousand of them within a payroll cycle do not 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 quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important a role 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 everybody that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say envision 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 talking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean 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 in fact see what was going on and type of shot to get back to everybody so proceeding look why do business choose to primary different savings account there are Dave Strickland Papaya Global organizations out there doing precisely this for particular nations and I’ve operated in a business or lots of companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have 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 variety I think this is a procedure that needs looking at it requires altering however ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a difficult thing all of us don’t like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving numerous checking account but there’s a huge amount of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big but I believe the sincere response is change um people have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety 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 tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Dave Strickland Papaya Global
I discover time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the client why it’s most advantageous generally to the customer why you must be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions Etc so it’s a big effect that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are securing insurance versus misclassification but normally premiums are just covering the expense of legal charges whilst the average claim examined versus employers equates to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do need to read the fine 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK