Managing payroll globally is a daunting task … Papaya Global Twitter…
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 substantial legal expenses there’s there’s other penalties there’s other expenses behind that as well so the total expense can be very significant in the tens of millions of dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is actually simply the rules are complex and they’re changing all the time think 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 unpredictability amongst companies on what it truly implies and how you deal with it most companies are simply not aware of the guidelines 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 perspective alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the staff member Completing A Full Rollback On Papaya Global particularly when it comes to their own tax liabilities social security and advantages for instance jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Twitter
Over the last 5 or 6 years …Papaya Global Twitter… functions on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also go over a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them ends up being increasingly more complicated International organizations are aiming to find Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment perspective numerous companies preserve different savings account just for payroll while some have several accounts in various countries does it make sense for business to maintain separate savings account sometimes in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business improve the episode complex processes of
making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is currently 3 and a half billion people 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 consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no real consistency framework we’re residing in a period of tech however payroll has actually been slow 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 whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have actually 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 because of time reporting bad HCM data information entry mistakes poorly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be included 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 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble 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 in 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 innovation is enabling us to type of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the payment landscape is becoming significantly elaborate. Businesses are continuously presenting new advantages and payment options, which adds to the general complexity. Large corporations often divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technically advanced age, there’s no justification for keeping cumbersome procedures. Payroll, the company’s biggest expense, should be processed properly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on precise and prompt payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is a great first step um providing an end-to-end payroll service for your staff members globally again I believe is another substantial um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and checking account they need for their Global payroll too could not 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 countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how essential 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 everybody that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so carrying on appearance why do companies choose to primary separate checking account there are Papaya Global Twitter companies out there doing exactly this for specific nations and I have actually worked in a service or many organizations doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I believe people have got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals 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 many other ways um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it needs altering however ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a challenging thing we all do not like change um so I think it’s just kind 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 clearly the advantages of having keeping multiple checking account however there’s a huge quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is huge however I think the sincere answer is modification um people have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to track and this technique does present a number of obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Twitter
I find time and time again the employees often misclassified unknowingly they do not understand the conditions of work or contract and are informed by the customer why it’s optimum mainly to the client why you must be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions And so on so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance against misclassification however typically premiums are just covering the cost of legal fees whilst the average claim evaluated against companies equates to to 40 or half of the base salary of worker is there any point in getting insurance coverage 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 in many cases I have not seen it at least so uh the the other location that I do think 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 protection on the basis of the reality that you were not in compliance with laws um in the UK