Managing payroll globally is a challenging task … Papaya Global Interview Questions…
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s likewise considerable legal costs there’s there’s other charges there’s other expenses behind that also so the total cost can be really substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is truly simply the guidelines are complicated and they’re altering all the time believe 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 indicates and how you handle it most employers are simply not aware of the rules 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 point of view all right thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the worker Papaya Global Pension Module Shows Employee As Noneligible especially when it comes to their own tax liabilities social security and benefits for instance jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Interview Questions
Over the last five or 6 years …Papaya Global Interview Questions… roles on the company side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting 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 actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really bleak and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise go over a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes increasingly more intricate International organizations are wanting to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment perspective many companies keep different savings account just for payroll while some have several accounts in various countries does it make sense for business to maintain different bank accounts in some cases in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they add additional complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the world in the traditional payroll model there’s frequently a frustrating number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency framework we’re residing in an era 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 typically with pen and paper and that simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international companies have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require to be considered there’s differing 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 capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 typically 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being provided by businesses across the world so again you’re simply aiming to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger a company 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 viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost perspective from an impact point of view on staff members it is definitely important that it’s done correctly and on time so what we imply 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 detrimental impact on people’s well-being and many other factors if people aren’t paid uh I’ve always been amazed coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone 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 also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic first step um offering an end-to-end payroll option for your workers globally once again I think is another huge um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and checking account they need for their Global 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 don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather 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 understand how how crucial 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to return to everybody so moving on look why do business select to primary different savings account there are Papaya Global Interview Questions organizations out there doing precisely this for specific countries and I have actually worked in a business or lots of businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anyone 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 numerous factors one is it’s the requirement I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing however ultimately individuals are really stuck with what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving multiple bank accounts but there’s a substantial quantity of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the truthful answer is modification um individuals haven’t been able to change or have not had necessarily the knowledge to actually 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 a component of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny might you tell us about those obstacles yeah of course 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 tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Interview Questions
I find time and time again the employees often misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s optimum generally to the customer why you should be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee 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 have not contributed to pensions And so on so it’s a huge impact that they never understood they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are taking out insurance coverage versus misclassification but normally premiums are just covering the cost of legal charges whilst the typical claim assessed against companies relates 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 fine print it is not covering the taxes penalty and interest in many cases I have not seen it a minimum of 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK