Managing payroll internationally is a challenging job … Papaya Global Inc Glassdoor…
publicly revealed 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 likewise considerable legal expenses there exists’s other charges there’s other costs behind that too so the overall cost can be extremely considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is actually just the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a great deal of uncertainty amongst business on what it truly implies and how you handle it most companies are just not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a classification point of view okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the worker Robert Papaya Global Payroll Yelp specifically when it pertains to their own tax liabilities social security and benefits for instance jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Inc Glassdoor
Over the last 5 or six years …Papaya Global Inc Glassdoor… functions on the service provider side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately 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 already just to hear where everyone is um it’s nice to to kind of like see where everyone originates 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 gloomy and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap and that ought to leave his time at the really 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 Global workforces end up being more and more typical and managing them becomes increasingly more complex International companies are wanting to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment standpoint many companies keep different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep different savings account sometimes in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can change them from a troublesome job into a strategic possession.
due to different policies, compliance requirements, data security concerns, and banking rules. The large number of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently lead to manual processes, data silos, and a lack of integration, resulting in disparities and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and options to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company invests in global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential multiple procedures systems and partners it is just 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 staff members or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought about there’s differing Bank information 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and technology is permitting us to sort of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by services throughout the world so again you’re just seeking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of decades 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 task there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost point of view from an effect viewpoint on employees it is definitely important that it’s done correctly and on time so what we indicate 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 people’s well-being and many other elements if people aren’t paid uh I’ve constantly been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply 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 absolutely vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a great first step um offering an end-to-end payroll service for your employees worldwide again I believe is another substantial um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of companies and decreasing the number 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 regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 grievances where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how essential a function 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 processes and likewise so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I suggest 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 all those up for sure oh absolutely 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 browse them and in fact see what was going on and sort of shot to get back to everyone so proceeding look why do companies choose to primary separate bank accounts there are Papaya Global Inc Glassdoor companies out there doing exactly this for particular countries and I have actually worked in an organization or numerous organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and anybody 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 factors one is it’s the standard I believe individuals have got so used to we require a new checking 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 believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs altering however ultimately individuals are really stuck to what they recognize
with best um modification is a difficult thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving numerous checking account but there’s a big quantity of intricacy chooses establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is big but I think the truthful answer is modification um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or two there is a lot to monitor and this method does present a number of difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you switched our Business 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 Worldwide staff members you are worthy of a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Inc Glassdoor
I find time and time again the employees often misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the client why you must be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have passed they have not contributed to pensions And so on so it’s a big impact that they never understood they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are taking out insurance against misclassification however usually premiums are only covering the expense of legal charges whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of employee exists any point in getting insurance coverage 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 in most cases I have not seen it at least so uh the the other area 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK