Handling payroll internationally is an overwhelming task … Papaya Globals Bca…
publicly announced 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 substantial legal costs there’s there’s other penalties there’s other expenses behind that as well so the total expense can be very substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is truly just the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has actually been a continuous development for several years now and and still a great deal of unpredictability amongst 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 guidelines are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a classification perspective okay thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what results can this have on the worker Papaya Global Plugin Barclays.Net specifically when it comes to their own tax liabilities social security and advantages for example jury and clearly the employees the other side of the coin
How much revenue does the company make? Papaya Globals Bca
Over the last five or 6 years …Papaya Globals Bca… functions on the supplier side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll design there’s typically an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I think
about it to offer you a concept 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 honestly the more a company invests in international payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide companies 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 poor HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend 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 needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be included best and what does
it require to be thought of there’s varying 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely vital but everywhere 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 sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide 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 process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by organizations across the world so once again you’re simply aiming to add a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or real challenging kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand 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 produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on employees it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on individuals’s well-being and many other aspects if people aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll service for your employees globally once again I think is another huge um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of organizations and minimizing the number of tools platforms and savings account they require for their International 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 countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand 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 associated with those procedures and likewise so think of sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everyone so proceeding look why do business choose to main different bank accounts there are Papaya Globals Bca services out there doing precisely this for particular countries and I have actually worked in a company or numerous organizations doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we do not need to and anybody that’s dealing with 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 amount that we are I think lots of reasons one is it’s the requirement I think people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering however eventually people are very stuck to what they recognize
with ideal um change is a challenging thing we all do not like modification um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving multiple bank accounts but there’s a huge quantity of complexity chooses establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is big but I believe the honest answer is modification um individuals have not been able to alter or haven’t had always the knowledge 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 believe it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does position numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Enterprise 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 International workers you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Globals Bca
I find time and time again the workers often misclassified unconsciously they do not understand the conditions of employment or contract and are told by the customer why it’s most advantageous primarily to the client why you must be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and several 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 contributed to pensions Etc so it’s a huge impact that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are securing insurance against misclassification however usually premiums are just covering the cost of legal charges whilst the average claim assessed against employers corresponds to to 40 or 50 percent of the base pay of employee exists any point in getting insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other area that I do think 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK