Managing payroll globally is a challenging task … Eol Papaya Global…
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 exists’s other penalties there’s other expenses behind that also so the overall cost can be very significant in the tens of countless dollars or more and and those quantities are growing uh the reason business are getting it so wrong is actually just the rules are intricate and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for several years now and and still a great deal of unpredictability among companies on what it really suggests and how you handle it most companies are simply not aware of the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a classification viewpoint 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 staff member Papaya Global Bureau Manager particularly when it concerns their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Eol Papaya Global
Over the last 5 or 6 years …Eol Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind 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 uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them becomes increasingly more intricate International organizations are wanting to discover Solutions and new ways to enhance processes especially from a payroll and cross-border payment perspective numerous organizations preserve different bank account just for payroll while some have several accounts in different countries does it make good sense for business to maintain separate savings account sometimes in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies improve the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a troublesome task into a tactical property.
due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to streamline 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 companies say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have actually expressed that they don’t 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 data data entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be consisted of ideal and what does
it require 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 amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by services across the world so again you’re simply seeking to add more and more payments to this currently complicated 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 real challenges or real difficult type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on workers it is absolutely crucial 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 detrimental result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll service for your workers globally again I believe is another huge um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they require for their Global 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway 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 picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply 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 all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of try to get back to everybody so moving on appearance why do companies choose to main separate checking account there are Eol Papaya Global services out there doing precisely this for specific countries and I have actually operated in a service or lots of companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think people have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have 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 think there’s a variety I believe this is a process that requires looking at it requires altering but eventually individuals are extremely stuck to what they’re familiar
with ideal um modification is a hard thing we all do not like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining numerous savings account however there’s a huge amount of complexity goes with establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is substantial but I believe the honest response is modification um individuals have not had the ability to change or haven’t had always the knowledge to actually 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 knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range 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 tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Eol Papaya Global
I find time and time again the employees often misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s most advantageous primarily to the customer why you need to be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 actually passed they haven’t contributed to pensions And so on so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance versus misclassification however typically premiums are just covering the cost of legal fees whilst the typical claim examined versus employers corresponds to to 40 or half of the base salary of employee exists any point in taking out 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 penalty and interest in most cases I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK