Managing payroll globally is a difficult task … Does Papaya Global Payroll Help Paying Employment Taxes…
publicly revealed 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 likewise significant legal costs there’s there’s other penalties there’s other expenses behind that too so the total cost can be extremely substantial in the tens of countless dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is actually just the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for a number of years now and and still a great deal of uncertainty among companies on what it actually indicates and how you handle it most employers are simply not aware of 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 very proactive as you’re engaging uh workers from a category point of view fine thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the worker How Papaya Global Hr Software Helps With Budget Business Efficiency especially when it concerns their own tax liabilities social security and advantages for example jury and obviously the employees the other side of the coin
How much revenue does the company make? Does Papaya Global Payroll Help Paying Employment Taxes
Over the last 5 or six years …Does Papaya Global Payroll Help Paying Employment Taxes… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among 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 quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort 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 very extremely uninspiring and I wish 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 looking at the challenge years of handling International payroll why business keep different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession 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 efficiently securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they add further complexity the global Workforce is presently three and a half billion individuals 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 services and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or really very basic there’s no real consistency framework we’re living in an age of tech but 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 simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have 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 due to time reporting poor HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system setups 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 once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the compensation landscape is becoming progressively intricate. Businesses are continually introducing brand-new benefits and payment options, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technologically innovative period, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s most significant expense, should be processed properly and on time. Even slight hold-ups can negatively affect employees’ wellness and have significant consequences. For that reason, it’s critical to prioritize precise and prompt payments.
payroll group get um so I’m unsure anybody on this type of webinar has been informed 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 workers or not um but eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails 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 stuff is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a great primary step um offering an end-to-end payroll service for your workers worldwide again I think is another huge um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and bank accounts they need for their International 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how essential a function 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 simple as possible for everybody that’s involved in those procedures and also so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean 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 need days of the week to try to look through them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do business pick to main different savings account there are Does Papaya Global Payroll Help Paying Employment Taxes companies out there doing exactly this for particular countries and I’ve worked in a business or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and rightly so you need 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 standard and the standard individuals have actually 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 lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually people are very stuck to what they recognize
with ideal um modification is a hard thing we all do not like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping several savings account however there’s a big amount of complexity chooses setting up a checking 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 huge however I believe the honest answer is change um individuals have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to track and this approach does position several challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched 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 staff members you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Help Paying Employment Taxes
I find time and time again the workers typically misclassified unknowingly they don’t comprehend the conditions of work or agreement and are informed by the customer why it’s optimum generally to the client why you must be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they have not added to pensions Etc so it’s a huge effect that they never ever understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance coverage against misclassification but normally premiums are only covering the expense of legal charges whilst the average claim evaluated versus companies corresponds to to 40 or half of the base salary of employee is there any point in getting insurance 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 penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK