Handling payroll globally is a daunting job … P11 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 revealed settlements there’s also considerable legal costs there exists’s other charges there’s other costs behind that as well so the total cost can be very considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so incorrect is truly just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for several years now and and still a lot of unpredictability among business on what it really means and how you deal with it most companies are merely not aware of the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category perspective okay 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 Payroll Taxes particularly when it comes to their own tax liabilities social security and advantages for instance jury and undoubtedly the workers the opposite of the coin
How much revenue does the company make? P11 Papaya Global
Over the last 5 or six years …P11 Papaya Global… functions on the company side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort 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 kind of like see where everybody originates 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 raining here it’s really extremely dreary and I want I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a difficult job into a strategic property.
due to different regulations, compliance requirements, data security issues, and banking rules. The large variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have actually expressed 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 because of time reporting bad HCM data information entry errors poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals state 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 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 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 a growing number of important to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re simply looking to add increasingly more payments to this currently complex landscape so if you sort 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 real difficulties or real tough sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more timely they make them less effective 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 working in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an impact viewpoint on staff members it is absolutely 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 need to be done right it has the biggest detrimental effect on people’s well-being and many other factors if individuals aren’t paid uh I’ve always been amazed entering 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 kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a great primary step um providing an end-to-end payroll option for your workers globally once again I think is another huge um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and bank accounts they require for their Worldwide 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’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na state think of the quantity 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 hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and type of shot to return to everyone so carrying on appearance why do business pick to main separate checking account there are P11 Papaya Global companies out there doing exactly this for particular nations and I’ve operated in an organization or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t 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 amount that we are I believe lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it requires altering but ultimately individuals are extremely stuck to what they recognize
with best um change is a difficult thing all of us don’t like modification um so I believe it’s just type of moving away from the norm 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 maintaining multiple savings account however there’s a huge amount of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is huge but I think the honest response is modification um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually 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 always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or so there is a lot to monitor and this technique does present numerous challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you P11 Papaya Global
I discover time and time again the workers often misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the customer why it’s optimum generally to the customer why you must be utilized or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted 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 have not added to pensions Etc so it’s a big impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance versus misclassification but typically premiums are just covering the cost of legal charges whilst the average claim examined versus employers equates to to 40 or half of the base salary of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest in most cases 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 saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK