Managing payroll globally is a difficult job … Papaya Global End Of Tax Year Procedure…
publicly 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 also significant legal costs there exists’s other penalties there’s other costs behind that too so the total cost can be really significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason why business are getting it so wrong is truly simply the rules are complex and they’re changing all the time think ir-35 in the UK which has been a continuous development for several years now and and still a great deal of uncertainty amongst companies on what it truly suggests and how you deal with it most companies are merely not knowledgeable about 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 extremely proactive as you’re engaging uh workers from a classification perspective okay thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the worker Papaya Global For Clients specifically when it comes to their own tax liabilities social security and advantages for instance jury and certainly the workers the opposite of the coin
How much revenue does the company make? Papaya Global End Of Tax Year Procedure
Over the last five or six years …Papaya Global End Of Tax Year Procedure… roles on the service provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation 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 one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes 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 raining here it’s really extremely gloomy and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also go over a recap which ought to leave his time at the very extremely 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 handling them ends up being increasingly more complicated Worldwide companies are seeking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective many organizations maintain different checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep different savings account sometimes in various countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they include additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 worldwide in the standard payroll model there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency structure we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations along with absence management and system configurations and then when you round it all 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 when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary multiple processes 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 obstacles organization face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be included 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 country there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely important that payroll and financing groups work better together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to sort of the level of complexity there’s a growing number of benefits being organ or being provided by companies across the world so again you’re simply looking to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or real difficult sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely state 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 job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era 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 hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact viewpoint on employees it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has 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 workers or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your workers internationally again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are really 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 simple as possible for everyone that’s associated with those processes and also so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so proceeding look why do companies pick to main different savings account there are Papaya Global End Of Tax Year Procedure companies out there doing precisely this for specific countries and I’ve operated in a service or numerous companies doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not need to and any person that’s managing that process 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 think lots of factors one is it’s the standard I think individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing but ultimately people are extremely stuck with what they’re familiar
with ideal um change is a difficult thing we all do not like modification um so I think it’s just 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 certainly the benefits of having maintaining several checking account but there’s a huge amount of intricacy goes with setting up a checking account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is big however I think the sincere answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always 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 practically be figured out to be the next Century or two there is a lot to keep track of and this method does posture a number of challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global End Of Tax Year Procedure
I find time and time again the employees frequently misclassified unconsciously they do not comprehend the conditions of work or agreement and are told by the client why it’s most advantageous mainly to the client why you should 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 employee 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 contributed to pensions Etc so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance against misclassification but typically premiums are just covering the cost of legal charges whilst the typical claim examined versus companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other location 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 rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK