Handling payroll globally is an overwhelming job … Papaya Global Setup…
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 penalties there’s other costs behind that as well so the overall cost can be really significant 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 truly simply the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has been an ongoing development for numerous years now and and still a lot of unpredictability amongst business on what it truly suggests and how you handle it most employers are simply not familiar with the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a classification viewpoint okay thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the worker Papaya Global Negative Net Pay specifically when it concerns their own tax liabilities social security and advantages for example jury and undoubtedly the workers the other side of the coin
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Over the last five or 6 years …Papaya Global Setup… roles on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also go over a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being increasingly more complicated International companies are looking to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment perspective lots of companies maintain different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different bank accounts in some cases in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s often a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very really basic there’s no genuine consistency framework we’re residing in an era of tech however 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 just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on global payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what does not require to be included right and what does
it need 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 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 customer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to sort of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m always surprised when people state I have actually split 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 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 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the settlement landscape is becoming increasingly complex. Organizations are continually presenting new advantages and payment choices, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly innovative era, there’s no reason for maintaining cumbersome procedures. Payroll, the company’s most significant cost, should be processed correctly and on time. Even small delays can adversely impact employees’ wellness and have far-reaching consequences. For that reason, it’s vital to prioritize accurate and timely payments.
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll solution for your workers worldwide once again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of services and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know 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 also so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to get back to everyone so proceeding appearance why do business select to primary different savings account there are Papaya Global Setup organizations out there doing exactly this for particular nations and I have actually worked in a service or many businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 think people have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing however eventually individuals are really stuck with 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 norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping multiple bank accounts but there’s a big quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge however I believe the truthful answer is modification um individuals haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does present a number of obstacles um so Johnny might you inform us about those challenges 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 jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Setup
I find time and time again the workers typically misclassified unknowingly they don’t understand the conditions of work or contract and are told by the client why it’s most advantageous primarily to the customer why you must be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a big impact that they never ever understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification however normally premiums are only covering the cost of legal fees whilst the typical claim assessed against companies relates to to 40 or half of the base salary of employee exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location that I do think if you managed to get the protection what we are stating 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