Managing payroll globally is a complicated job … P11D 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 announced settlements there’s also significant legal costs there’s there’s other charges there’s other costs behind that as well so the total expense can be extremely significant in the 10s of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is really just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for a number of years now and and still a lot of unpredictability among companies on what it really indicates and how you handle it most companies are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a classification point of view fine thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the employee Papaya Global Ssp Bank Holidays specifically when it concerns their own tax liabilities social security and benefits for example jury and clearly the employees the opposite of the coin
How much revenue does the company make? P11D Papaya Global
Over the last 5 or 6 years …P11D Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone 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 really really uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and managing them ends up being a growing number of complex Worldwide organizations are wanting to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint numerous organizations keep different bank account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate checking account sometimes in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Labor force is currently 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 companies and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely very fundamental there’s no genuine consistency framework we’re living in an era of tech however payroll has actually 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 each time I I believe
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 Labor force information 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 a photo they see an absence of presence also reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of global businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like 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 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 enabling us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m always astonished when people state 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 occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the payment landscape is ending up being increasingly complex. Organizations are continually introducing new advantages and payment choices, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically innovative period, there’s no validation for keeping cumbersome procedures. Payroll, the company’s most significant expenditure, should be processed correctly and on time. Even small hold-ups can adversely impact staff members’ wellness and have far-reaching effects. For that reason, it’s vital to focus on precise and timely payments.
payroll team get um so I’m not sure anybody on this kind of webinar has actually been informed 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 staff members or not um however eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone 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 also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is an excellent first step um supplying an end-to-end payroll solution for your workers internationally once again I believe is another huge um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and lowering the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow 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 easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t picture 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 shot to get back to everyone so moving on appearance why do business pick to primary separate checking account there are P11D Papaya Global services out there doing precisely this for particular countries and I have actually operated in an organization or many services 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 producing additional work for any person where we do not need to and anyone that’s managing 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 amount that we are I think numerous factors one is it’s the standard I believe people have got so used to we need a new bank 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 requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing but ultimately people are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining multiple savings account however there’s a big amount of complexity goes with establishing a bank 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 huge but I believe the honest answer is modification um people haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this approach does posture several difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you P11D Papaya Global
I find time and time again the employees typically misclassified unwittingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous generally to the client why you need to 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 privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions Etc so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance coverage versus misclassification but typically premiums are just covering the expense of legal costs whilst the average claim evaluated versus employers relates to to 40 or half of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest in many 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 protection 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