Managing payroll internationally is a complicated task … Papaya Global Ssp…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also substantial legal costs there’s there’s other penalties there’s other expenses behind that also so the overall cost can be very substantial in the tens of countless dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is truly just the rules are complex and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for several years now and and still a lot of uncertainty among companies on what it really indicates 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 all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a category point of view okay thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the staff member Papaya Global Paying Temporary especially when it concerns their own tax liabilities social security and advantages for instance jury and obviously the workers the other side of the coin
How much revenue does the company make? Papaya Global Ssp
Over the last 5 or 6 years …Papaya Global Ssp… roles on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer 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 kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also go over a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and handling them becomes more and more complex International companies are looking to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous companies maintain different checking account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different checking account sometimes in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 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 all over the world in the traditional payroll model there’s frequently an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really basic there’s no real consistency framework we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations as well as 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 expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s differing Bank information 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 capabilities 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 intricacy any place you look ideal ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble very 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by companies throughout the world so once again you’re just aiming to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or real difficult kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from a cost point of view from an impact perspective on employees it is absolutely crucial that it’s done correctly and on time so what we imply 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 harmful impact on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been astonished entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your employees worldwide again I believe is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of businesses and reducing the variety of tools platforms and checking account they require 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyhow we understand 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 associated with those processes and likewise so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely 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 look through them and in fact see what was going on and type of try to get back to everybody so proceeding appearance why do companies pick to main different savings account there are Papaya Global Ssp organizations out there doing precisely this for specific countries and I’ve worked in an organization or lots of organizations doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a difficult thing all of us do not like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving multiple savings account but there’s a big amount of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is huge but I believe the honest response is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this method does pose a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I simply did you changed our Business 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 staff members you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Ssp
I discover time and time again the employees typically misclassified unconsciously they do not understand the conditions of employment or contract and are told by the customer why it’s optimum mainly to the client why you need to be utilized or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee 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 gone by they have not added to pensions And so on so it’s a big effect that they never understood they were strolling 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 business are getting insurance coverage against misclassification but normally premiums are only covering the cost of legal charges whilst the typical claim assessed against companies equates to to 40 or 50 percent of the base pay of employee is there any point in securing 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 for the most part I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK