Managing payroll globally is a complicated task … Why Won\’t Papaya Global Let Me Pay An Employee…
openly announced 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 significant legal costs there exists’s other charges there’s other expenses behind that as well so the total expense can be really significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong is actually simply the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for numerous years now and and still a lot of unpredictability among companies on what it truly indicates and how you handle it most employers are just not familiar with the guidelines and and act as if the the guidelines 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 classification perspective all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what results can this have on the staff member Papaya Global Customer Services specifically when it comes to their own tax liabilities social security and benefits for instance jury and certainly the workers the other side of the coin
How much revenue does the company make? Why Won\’t Papaya Global Let Me Pay An Employee
Over the last 5 or 6 years …Why Won\’t Papaya Global Let Me Pay An Employee… functions on the supplier side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 extremely extremely dreary and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up which should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them ends up being more and more complex Worldwide organizations are seeking to discover Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous organizations keep different checking account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain different savings account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments precisely efficiently safely 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 business accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include further complexity the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very really standard there’s no genuine consistency framework we’re residing in an age 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 and that just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the typical expense of an international data 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 efficiently if they depend on the needed multiple processes 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 service face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what does not need to be included right 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they resemble extremely 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the compensation landscape is becoming significantly intricate. Services are continually presenting new advantages and payment alternatives, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically innovative age, there’s no justification for preserving troublesome procedures. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even minor hold-ups can negatively affect employees’ wellness and have far-reaching repercussions. For that reason, it’s critical to prioritize accurate and timely payments.
payroll group get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your employees worldwide once again I think is another big um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and minimizing the number of tools platforms and checking 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 don’t expect to you do get the odd five or 10 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 don’t believe any of us are actually doing that for for the thanks
anyway we know how how important 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of 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 picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everybody so carrying on appearance why do companies pick to primary different checking account there are Why Won\’t Papaya Global Let Me Pay An Employee companies out there doing exactly this for particular countries and I have actually worked in a company or numerous companies doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anyone 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 amount that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but ultimately people are really stuck with what they recognize
with right um modification is a difficult thing all of us don’t like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping several savings account however there’s a huge amount of complexity opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big but I think the truthful response is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does position a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Why Won\’t Papaya Global Let Me Pay An Employee
I discover time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s optimum mainly to the client why you need to be utilized or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions And so on so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance versus misclassification however normally premiums are just covering the expense of legal costs whilst the typical claim evaluated against employers corresponds 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 check out the fine print it is not covering the taxes charge and interest in many cases I have not seen it a minimum of so uh the the other area 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 pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK