Handling payroll worldwide is a challenging job … Papaya Global Online Services…
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 announced settlements there’s also significant legal expenses there’s there’s other penalties there’s other costs behind that as well so the overall cost can be really substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is actually just the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for several years now and and still a lot of unpredictability amongst companies on what it truly suggests and how you handle it most companies are simply not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a classification perspective alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the employee Papaya Global Background Update particularly when it comes to their own tax liabilities social security and benefits for instance jury and obviously the workers the other side of the coin
How much revenue does the company make? Papaya Global Online Services
Over the last five or 6 years …Papaya Global Online Services… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really 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 raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also discuss a recap and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes more and more intricate International organizations are aiming to discover Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve separate checking account in some cases in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a challenging job into a tactical asset.
due to different regulations, compliance requirements, data security issues, and banking rules. The large number of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and a lack of combination, resulting in disparities and ineffectiveness. Despite living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and services to simplify and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses 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 errors are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the essential numerous 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 employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 any place you look right eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like incredibly payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m always surprised when individuals say I have actually 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 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 ultimately it’s payroll is an end-to-end process 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 3rd parties so with the
world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s more and more benefits being organ or being used by businesses throughout the world so again you’re just looking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or real tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand 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 appropriately as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact viewpoint on staff members 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 biggest destructive result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only see when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Worldwide Payments first payroll payment service is an excellent initial action towards supplying a detailed payroll option for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account needed for global payroll are key factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how important 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 simply I was just gon na state imagine the quantity 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 potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean 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 need days of the week to attempt to browse them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do business choose to main separate checking account there are Papaya Global Online Services services out there doing precisely this for particular countries and I’ve worked in an organization or numerous organizations doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s handling that procedure 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 requirement I believe people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately 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 just been the requirement and the standard the people 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 lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping numerous savings account however there’s a big quantity of complexity chooses setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big however I think the honest answer is change um individuals haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep track of and this method does posture a number of challenges um so Johnny could you inform us about those challenges yeah of course so there’s a variety 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 Worldwide workers you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Online Services
I find time and time again the workers typically misclassified unknowingly they don’t understand the conditions of employment or contract and are told by the customer why it’s optimum primarily to the client why you should be employed or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care benefits 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 gone by they have not added to pensions And so on so it’s a big effect that they never understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage against misclassification however usually premiums are just covering the cost of legal costs whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base salary of worker exists any point in taking out 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 many cases I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK