Managing payroll worldwide is a daunting task … Papaya Global Professional…
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 also considerable legal costs there’s there’s other penalties there’s other costs behind that too so the total expense can be extremely significant in the tens of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is actually just the rules are complicated and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a great deal of uncertainty amongst business on what it actually suggests and how you deal with it most companies are just not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a category perspective okay thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee Papaya Global Courses Stamford especially when it comes to their own tax liabilities social security and benefits for instance jury and clearly the workers the other side of the coin
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Over the last 5 or six years …Papaya Global Professional… roles on the provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also discuss a recap which ought to leave his time at the really really 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 workforces become increasingly more common and handling them ends up being more and more intricate International organizations are wanting to discover Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment viewpoint lots of companies keep separate savings account just for payroll while some have several accounts in various countries does it make sense for companies to keep separate checking account in some cases in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really basic there’s no genuine consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by services across the world so once again you’re simply looking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would absolutely state that the bigger a service 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost point of view from an impact viewpoint on staff members it is absolutely vital 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 have to be done right it has the most significant damaging result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market sort of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually 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 just see when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally also. Therefore, it is necessary to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific preliminary step towards providing a detailed payroll service for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account necessary for global payroll are essential consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how essential 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting 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 was the case um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to return to everyone so carrying on look why do companies pick to main separate savings account there are Papaya Global Professional services out there doing precisely this for specific nations and I’ve worked in a company or many companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering however eventually individuals are very stuck with what they recognize
with ideal um modification is a challenging thing all of us don’t like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple savings account however there’s a big quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is huge however I believe the truthful response is change um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this approach does position numerous challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Professional
I discover time and time again the employees frequently misclassified unwittingly they do not understand the conditions of employment or contract and are told by the customer why it’s most advantageous primarily to the customer why you must be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges 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 gone by they haven’t contributed to pensions Etc so it’s a big impact that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance coverage versus misclassification but typically premiums are only covering the expense of legal charges whilst the average claim assessed versus companies relates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK