Managing payroll internationally is an overwhelming task … Download Papaya Global V26…
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 announced settlements there’s likewise significant legal expenses there’s there’s other charges there’s other expenses behind that too so the total cost can be extremely significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason why business are getting it so wrong is really just the rules are complicated and they’re altering all the time believe ir-35 in the UK which has actually been a continuous advancement for several years now and and still a great deal of unpredictability amongst companies on what it really indicates and how you handle it most companies are merely not familiar with the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a category point of view alright 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 employee Set Up Papaya Global Payroll specifically when it comes to their own tax liabilities social security and advantages for instance jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Download Papaya Global V26
Over the last five or 6 years …Download Papaya Global V26… functions on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 comes from and I actually 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 raining here it’s really really uninspiring and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Global 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 intricate for a variety of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s often an overwhelming variety of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very standard there’s no real consistency framework we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global businesses have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to type of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data 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
world we live in and well-being being increasingly more important to add to type of the level of intricacy there’s more and more benefits being organ or being offered by companies throughout the world so again you’re simply aiming to include increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly state that the larger a service 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 information into the next function as it were that’s in fact handling the payment side of things but you know 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 need to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost viewpoint from an effect perspective on staff members it is absolutely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging effect on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been astonished coming into this Market kind 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 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 employees or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but 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 likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic primary step um offering an end-to-end payroll service for your workers worldwide once again I think is another huge um process once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and decreasing the variety of tools platforms and checking account they require for their Global 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’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t 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 imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everyone so moving on look why do business select to primary separate checking account there are Download Papaya Global V26 companies out there doing precisely this for specific nations and I have actually operated in a service or numerous businesses doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think 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 used to we need a new savings account we open an entity and appropriately 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 embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort 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 ultimately individuals are very stuck with what they recognize
with right um change is a tough thing we all don’t like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account but there’s a substantial quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big however I think the sincere response is modification um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I simply did you switched 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 International workers you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Download Papaya Global V26
I find time and time again the employees frequently misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the customer why you should be employed 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 employee can be affected and a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance coverage against misclassification but normally premiums are only covering the expense of legal charges whilst the average claim assessed versus companies relates to to 40 or half of the base salary of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in many cases I haven’t 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 pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK