Handling payroll globally is a complicated job … Papaya Global Cis…
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 announced settlements there’s also significant legal costs there’s there’s other charges there’s other expenses behind that too so the total cost can be extremely significant in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so wrong is actually simply the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a lot of uncertainty among companies on what it really implies and how you deal with it most employers are merely not familiar with the guidelines and and act as if the the rules 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 category perspective okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member Does Your Employer Need To Set Up Papaya Global particularly when it comes to their own tax liabilities social security and advantages for instance jury and clearly the employees the other side of the coin
How much revenue does the company make? Papaya Global Cis
Over the last five or 6 years …Papaya Global Cis… roles on the supplier side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a recap which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them ends up being more and more complicated International companies are looking to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment standpoint many organizations preserve different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep different bank accounts in some cases in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments properly efficiently securely 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 precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the international Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming variety of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really really standard there’s no genuine consistency structure we’re living 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 often with pen and paper which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have actually revealed 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 information information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and then when you round everything 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 as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the needed multiple procedures 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 difficulties company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be included best and what does
it require 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by companies across the world so once again you’re just wanting to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an impact point of view on staff members it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive result on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has actually been informed 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 employees or not um however ultimately payroll is such an essential cycle we all find out 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 believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll option for your employees worldwide once again I think is another big 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 lowering the number of tools platforms and savings account they need for their Global payroll too could not 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up 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 require days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so moving on appearance why do business pick to primary separate checking account there are Papaya Global Cis businesses out there doing exactly this for specific countries and I’ve operated in a service or lots of companies doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and any person that’s managing 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 quantity that we are I believe numerous reasons one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look 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 believe this is a procedure that requires taking a look at it requires changing but ultimately individuals are very stuck to what they recognize
with right um change is a hard thing all of us do not like modification um so I think it’s just sort 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 certainly the benefits of having preserving multiple bank accounts however there’s a big amount of intricacy chooses establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is huge however I believe the honest response is change um individuals haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does posture several challenges um so Johnny could you tell us about those difficulties yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Cis
I discover time and time again the employees typically misclassified unwittingly they do not understand the conditions of work or contract and are informed by the client why it’s most advantageous generally to the client why you should be utilized or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities 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 actually gone by they have not added to pensions And so on so it’s a big impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance versus misclassification but usually premiums are only covering the expense of legal costs whilst the average claim examined against employers equates to to 40 or half of the base salary of employee exists any point in getting insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other location 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK