Managing payroll worldwide is a difficult job … Papaya Global Community…
publicly 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 considerable legal expenses there exists’s other charges there’s other expenses behind that also so the total expense can be extremely substantial in the 10s of millions of dollars or more and and those amounts are growing uh the reason business are getting it so incorrect is actually simply the rules are intricate and they’re changing all the time think ir-35 in the UK which has actually been a continuous advancement for several years now and and still a lot of uncertainty among business on what it truly suggests and how you handle it most employers are just not familiar with 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 really proactive as you’re engaging uh employees from a classification viewpoint 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 P60 Template especially when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Community
Over the last five or 6 years …Papaya Global Community… roles on the supplier side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can change them from a burdensome job into a tactical possession.
due to various guidelines, compliance requirements, data security concerns, and banking rules. The large number of employees and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, resulting in disparities and ineffectiveness. Regardless of living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and options to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors badly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the required several procedures 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 staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of best and what does
it need 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 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 client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely basic and technology is enabling us to type of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 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 wellness being increasingly more important to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by organizations across the world so again you’re simply aiming to include a growing number of payments to this currently complicated landscape so if you kind 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 genuine difficulties or genuine challenging kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run 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 an age 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 hard as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an effect point of view on workers it is definitely crucial that it’s done properly and on time so what we imply 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 damaging result on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been impressed entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed 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 workers or not um but ultimately payroll is such an essential cycle we all 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 exercise 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 definitely vital that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a great initial step um providing an end-to-end payroll solution for your staff members internationally once again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 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 in fact doing that for for the thanks
anyway we know 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to return to everyone so moving on look why do business pick to main separate savings account there are Papaya Global Community organizations out there doing exactly this for specific countries and I have actually operated in an organization or lots of services doing precisely that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anyone that’s handling 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 reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately individuals are really stuck with what they’re familiar
with ideal um change is a difficult thing we all don’t like modification um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account however there’s a substantial amount of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is substantial however I believe the sincere answer is change um people have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change 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 carrying on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does pose a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just did you switched 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 workers you are worthy of a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Community
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the client why it’s optimum primarily to the customer why you must be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions Etc so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance against misclassification but usually premiums are only covering the expense of legal costs whilst the typical claim assessed against companies equates to to 40 or 50 percent of the base pay of worker is there any point in getting 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 most of the times 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 stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK