Managing payroll globally is an overwhelming task … Papaya Global Buruj…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s likewise considerable legal expenses there’s there’s other penalties there’s other expenses behind that also so the overall cost can be extremely significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong is actually just the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of uncertainty among business on what it really suggests and how you deal with it most employers are just not knowledgeable about 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 very proactive as you’re engaging uh employees from a category perspective okay thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what results can this have on the staff member Papaya Global Payroll Philippines specifically when it pertains to their own tax liabilities social security and advantages for example jury and clearly the workers the other side of the coin
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Over the last five or six years …Papaya Global Buruj… roles on the service provider side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple 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 already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly 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 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 taking a look at the obstacle years of handling Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a recap which ought to leave his time at the extremely really 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 end up being a growing number of common and managing them ends up being a growing number of intricate Worldwide organizations are seeking to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment standpoint lots of companies preserve separate bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different savings account sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex processes of
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s often an overwhelming number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or really very fundamental there’s no genuine consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think
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 offers me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be consisted of right and what does
it require to be considered there’s varying Bank information 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 need 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 best ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 definitely essential and innovation is enabling us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by services throughout the world so once again you’re just aiming to add more and more 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 sure however have you got any experience in kind of real challenges or genuine difficult kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely state that the larger a service 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 info into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense viewpoint from an impact point of view on staff members it is definitely important that it’s done correctly 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 damaging impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type 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 but ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll solution for your workers worldwide once again I think is another substantial um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and checking account they need 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 had a hundred thousand of them within a payroll cycle do not 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 actually doing that for for the thanks
anyway we understand how how crucial 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of try to return to everyone so carrying on look why do business select to main separate savings account there are Papaya Global Buruj companies out there doing precisely this for specific nations and I’ve operated in an organization or lots of companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody 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 amount that we are I think lots of reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it requires changing however eventually individuals are really stuck to what they’re familiar
with best um change is a hard thing we all don’t like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving numerous bank accounts however there’s a huge quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is huge but I believe the sincere answer is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe 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 looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Buruj
I discover time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the client why you need to be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care 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 far too late years have actually passed they have not contributed to pensions Etc so it’s a big impact that they never understood they were strolling 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 business are securing insurance coverage versus misclassification however generally premiums are only covering the cost of legal charges whilst the average claim assessed against companies equates to to 40 or 50 percent of the base pay of employee exists any point in securing insurance 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 charge and interest in many cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK