Managing payroll worldwide is a difficult job … Mywau Papaya Global…
openly 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 likewise considerable legal costs there’s there’s other penalties there’s other costs behind that as well so the overall expense can be very considerable 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 actually simply the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of unpredictability among companies on what it really implies and how you handle it most employers are just not familiar with 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 really proactive as you’re engaging uh employees from a classification viewpoint all right thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the worker Papaya Global Year End 2021 Update especially when it comes to their own tax liabilities social security and advantages for instance jury and certainly the workers the opposite of the coin
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Over the last 5 or six years …Mywau Papaya Global… functions on the company side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them becomes more and more complicated Worldwide companies are wanting to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment standpoint numerous companies keep 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 countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they add additional intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely basic there’s no genuine consistency framework we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the needed several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not need to be included best 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 capabilities 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and technology is permitting us to type of progress with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being used by organizations across the world so once again you’re simply wanting to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or real difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades 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 task there are teams feeding info into the next function as it were that’s in fact handling 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 understand long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period 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 concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost point of view from an impact viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful result on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind 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 employees or not um however ultimately payroll is such an essential cycle we all become aware of 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a terrific initial step um providing an end-to-end payroll service for your workers worldwide once again I think is another huge um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of services and reducing the variety of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless 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 implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial a function 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 easy as possible for everyone 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 might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everyone so proceeding look why do business select to main different checking account there are Mywau Papaya Global services out there doing exactly this for specific countries and I’ve worked in a service or many companies doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person that’s managing that procedure 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 believe numerous factors one is it’s the standard I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing but ultimately people are extremely stuck with what they’re familiar
with best um modification is a difficult thing we all don’t like modification um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving numerous savings account however there’s a big quantity of complexity goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is big but I think the sincere answer is modification um individuals haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this approach does position a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety 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 actually gotten another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Mywau Papaya Global
I discover time and time again the employees frequently misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the client why it’s most advantageous generally to the client why you ought to be utilized or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance versus misclassification but generally premiums are just covering the cost of legal costs whilst the typical claim examined versus companies equates to to 40 or 50 percent of the base pay of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other location that I do believe 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 protection on the basis of the truth that you were not in compliance with laws um in the UK