Handling payroll worldwide is an overwhelming task … Papaya Global Departmental Analysis…
publicly announced 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 also substantial legal costs there’s there’s other charges there’s other costs behind that as well so the overall expense can be extremely considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is truly simply the guidelines are complex and they’re altering all the time think ir-35 in the UK which has actually been a continuous development for several years now and and still a lot of uncertainty amongst business on what it actually implies and how you deal with it most employers are just not familiar with the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category point of view fine thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what results can this have on the employee How Can I Cancel My Papaya Global Subscription particularly when it comes to their own tax liabilities social security and benefits for instance jury and clearly the workers the opposite of the coin
How much revenue does the company make? Papaya Global Departmental Analysis
Over the last 5 or 6 years …Papaya Global Departmental Analysis… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind 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 raining here it’s extremely very bleak and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also review a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and managing them becomes a growing number of complex Global organizations are seeking to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment perspective numerous companies maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different savings account often in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is presently three 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 presently 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 conventional payroll design there’s frequently an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really very fundamental there’s no real consistency structure we’re living in a period 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 just blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of international organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely on the necessary 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of right and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 right ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more essential to contribute to sort of the level of intricacy there’s more and more benefits being organ or being used by businesses across the world so again you’re just aiming to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging 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 state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos 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 an era that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect viewpoint on workers it is definitely important that it’s done correctly and on time so what we suggest 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 harmful impact on people’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just 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 crucial that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is an excellent first step um providing an end-to-end payroll option for your employees globally once again I believe is another substantial um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and bank accounts they require 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite 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 crucial 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 everyone that’s associated with those processes and likewise so imagine sorry I’m simply 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 speaking about hundreds of thousands possibly Millions envision 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 however 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 browse them and really see what was going on and type of try to return to everybody so moving on appearance why do business select to main different savings account there are Papaya Global Departmental Analysis organizations out there doing exactly this for particular countries and I’ve worked in an organization or many services doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we don’t have to and any person that’s handling 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 many factors one is it’s the requirement I think people have got so utilized to we need a new checking 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 think it’s simply been the requirement and the standard the people 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 many other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing however eventually individuals are very stuck with what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining multiple bank accounts but there’s a huge quantity of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big but I think the sincere response is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this method does position a number of challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range 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 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 more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Departmental Analysis
I find time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s most advantageous mainly to the client why you need to be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and several 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 Etc so it’s a huge impact that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance against misclassification however generally premiums are just covering the cost of legal costs whilst the typical claim assessed against employers relates to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest for the most part I haven’t seen it a minimum of so uh the the other area that I do believe 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK