Managing payroll globally is a difficult job … Papaya Global 50 Adding A New Employee…
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 also significant legal costs there’s there’s other penalties there’s other expenses behind that too so the total cost can be really considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so wrong is truly just the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has been an ongoing development for a number of years now and and still a great deal of unpredictability amongst companies on what it really implies and how you deal with it most employers are simply not aware of the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a category perspective alright thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what results can this have on the worker Papaya Global Course Nar Me especially when it comes to their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin
How much revenue does the company make? Papaya Global 50 Adding A New Employee
Over the last five or 6 years …Papaya Global 50 Adding A New Employee… functions on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine 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 type of let them do that so it ‘d be quite fascinating 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 everybody comes from and I actually 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 very extremely bleak and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can transform them from a troublesome job into a tactical property.
due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of residing in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical expense of a worldwide information 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 do not run smoothly if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of 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 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying 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 have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to add to sort of the level of intricacy there’s more and more advantages being organ or being provided by companies across the world so again you’re just aiming to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine tough sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly state 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 job there are teams feeding details into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate 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 a period of tech and a period 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 appropriately as you said payroll is the single most significant liability that any service has from a cost point of view from an impact perspective on workers it is definitely vital 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 biggest destructive impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll option for your staff members internationally once again I believe is another huge um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of services and minimizing the variety of tools platforms and bank accounts they require for their International payroll too could not 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of shot to return to everybody so carrying on look why do business select to main different bank accounts there are Papaya Global 50 Adding A New Employee services out there doing exactly this for particular countries and I have actually operated in an organization or many organizations doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and any person that’s dealing with 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 quantity that we are I believe many reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety 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 passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however eventually individuals are extremely stuck to what they recognize
with ideal um change is a difficult thing we all don’t like modification um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several savings account however there’s a substantial amount of complexity chooses establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge but I think the truthful response is change um individuals have not been able to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to monitor and this method does position a number of difficulties um so Johnny could you tell us about those challenges yeah obviously 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 manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global 50 Adding A New Employee
I find time and time again the employees often misclassified unknowingly they don’t understand the conditions of employment or contract and are told by the client why it’s most advantageous mainly to the client why you ought to be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee 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 gone by they have not contributed to pensions Etc so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance coverage versus misclassification but usually premiums are just covering the cost of legal charges whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of worker 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 small print it is not covering the taxes charge and interest most of the times I haven’t seen it a minimum of so uh the the other area that I do think 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK