Handling payroll internationally is a challenging task … Papaya Global Questions…
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 significant legal costs there’s there’s other charges there’s other costs behind that as well so the overall cost can be very substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually simply the rules are complicated and they’re changing all the time think ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a lot of unpredictability amongst companies on what it really implies and how you handle it most employers are merely not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category perspective all right 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 staff member Papaya Global Delete User File specifically when it comes to their own tax liabilities social security and advantages for example jury and obviously the employees the opposite of the coin
How much revenue does the company make? Papaya Global Questions
Over the last five or 6 years …Papaya Global Questions… functions on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 very really uninspiring and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international 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 improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating number of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really extremely basic there’s no genuine consistency structure we’re living in a period 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 every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included 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 time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the compensation landscape is ending up being significantly elaborate. Companies are continuously introducing brand-new advantages and payment alternatives, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly sophisticated period, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest cost, must be processed correctly and on time. Even slight delays can adversely impact staff members’ wellness and have significant effects. For that reason, it’s crucial to focus on accurate and timely payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually 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 but eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 things is absolutely crucial that all of this things is done properly so leveraging the first International Payments first payroll payment service is a great initial step um providing an end-to-end payroll option for your employees globally once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and minimizing the variety of tools platforms and checking account they need for their Worldwide 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 complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
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 everyone that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean all those up for sure oh definitely 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 actually see what was going on and type of try to return to everybody so moving on appearance why do business select to primary different savings account there are Papaya Global Questions businesses out there doing exactly this for specific nations and I have actually operated in a business or many services doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and any person that’s handling 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 amount that we are I believe many reasons one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately 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 just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering but eventually individuals are really stuck with what they’re familiar
with right um modification is a hard thing all of us do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining multiple bank accounts but there’s a big amount of intricacy opts for establishing a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is huge however I believe the truthful answer is change um individuals have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep an eye on and this method does position numerous obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Questions
I discover time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of work or contract and are told by the customer why it’s most advantageous mainly to the client why you must be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 far too late years have gone by they haven’t added 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 example hmrc can return as much as ten years um Kathy companies are taking out insurance versus misclassification but normally premiums are just covering the cost of legal charges whilst the average claim assessed versus companies relates 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 require to read the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it at least so uh the the other location that I do believe 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 truth that you were not in compliance with laws um in the UK