Handling payroll worldwide is a daunting job … Can Papaya Global Payroll Used Rhode Island And Feder Taxes…
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Over the last five or 6 years …Can Papaya Global Payroll Used Rhode Island And Feder Taxes… roles on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 drizzling here it’s extremely really gloomy and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also provide a recap of the main points 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 benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they include more complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating variety of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very very fundamental there’s no real consistency structure we’re living in an era of tech however 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 every 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 businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be included ideal and what does
it need 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals say 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 calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of complexity there’s more and more advantages being organ or being provided by businesses throughout the world so once again you’re simply seeking to add more and more payments to this already complicated landscape so if you type 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 difficulties or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on staff members it is definitely important that it’s done properly and on time so what we imply 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 detrimental result on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been informed 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 a crucial cycle all of us hear about it when it goes wrong everyone 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 view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a fantastic initial step um providing an end-to-end payroll service for your workers globally again I believe is another huge um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and savings account they require for their Global 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 have actually never 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 complaints where things have not gone quite where they’re indicated to be um I do not 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 associated with those procedures and likewise so envision sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do business choose to primary separate bank accounts there are Can Papaya Global Payroll Used Rhode Island And Feder Taxes businesses out there doing precisely this for particular nations and I’ve worked in a business or many services doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think people have actually got so used to we require a brand-new savings 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 believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing but eventually people are really stuck to what they’re familiar
with best um modification is a difficult thing we all do not like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining multiple bank accounts but there’s a substantial amount of intricacy opts for setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is huge however I think the honest answer is modification um individuals haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand 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 benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to track and this approach does position numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I simply 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 are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Can Papaya Global Payroll Used Rhode Island And Feder Taxes
I find time and time again the employees often misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the client why you need to be utilized or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and a number of 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 Etc so it’s a huge effect that they never knew 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 coverage against misclassification however typically premiums are only covering the expense of legal costs whilst the typical claim examined against employers equates to to 40 or half of the base pay of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest most of the times 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 stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK