Handling payroll worldwide is a challenging task … Papaya Global Software Ireland…
openly revealed 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 extremely significant in the 10s of countless dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is really 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 a number of years now and and still a lot of unpredictability amongst companies on what it actually indicates and how you deal with it most companies are simply not knowledgeable about the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be very 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 company that suffers in the long run what impacts can this have on the staff member Add Employee On Papaya Global particularly when it pertains to 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 5 or 6 years …Papaya Global Software Ireland… roles on the service provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 really extremely gloomy 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 challenge years of handling Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up 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 International workforces become increasingly more common and handling them ends up being more and more complex International companies are aiming to discover Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment perspective lots of organizations maintain different savings account just for payroll while some have several accounts in different countries does it make good sense for business to keep different savings account sometimes in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Workforce 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 people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very fundamental there’s no real consistency structure we’re residing in an era of tech but 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 and that just blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a business spends on global payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included best and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if however some babies 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 absolutely fundamental and innovation is enabling us to kind of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody 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 a market accept that why our payroll and payments so often 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 however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the compensation landscape is becoming significantly detailed. Businesses are constantly presenting new benefits and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s technologically innovative period, there’s no validation for keeping cumbersome treatments. Payroll, the company’s most significant cost, should be processed properly and on time. Even minor hold-ups can negatively affect workers’ well-being and have significant consequences. For that reason, it’s critical to prioritize accurate and timely payments.
payroll group get um so I’m unsure anyone 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 workers or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply 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 things is absolutely important that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is a terrific initial step um providing an end-to-end payroll service for your staff members globally once again I think is another substantial um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and lowering the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 complaints where things have not gone quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of shot to return to everybody so moving on look why do companies choose to main different checking account there are Papaya Global Software Ireland organizations out there doing exactly this for particular countries and I have actually operated in a service or lots of businesses doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anybody that’s dealing with 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 many reasons one is it’s the standard I believe individuals have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs altering but eventually people are extremely stuck to what they’re familiar
with right um modification is a hard thing we all do not like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining numerous bank accounts however there’s a huge amount of intricacy opts for setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial however I believe the honest response is modification um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this approach does pose numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I just 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 feels like our CFO has gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Software Ireland
I discover time and time again the employees typically misclassified unwittingly they don’t understand the conditions of work or agreement and are told by the client why it’s most advantageous generally to the customer why you ought to be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not added to pensions And so on so it’s a big effect that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are getting insurance versus misclassification however usually premiums are only covering the expense of legal fees whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base pay of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the fine 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 coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK