Handling payroll worldwide is an overwhelming job … Chocodaps Papaya Global…
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 also substantial legal expenses there’s there’s other charges there’s other costs behind that too so the total cost can be very substantial 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 truly just the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a great deal of unpredictability amongst companies on what it truly means and how you handle it most employers are simply not familiar with the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a classification point of view all right 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 Papaya Global Tax Calendar 2020/21 specifically when it comes to their own tax liabilities social security and advantages for example jury and certainly the employees the other side of the coin
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Over the last 5 or six years …Chocodaps Papaya Global… roles on the provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them ends up being increasingly more intricate Global companies are aiming to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint lots of organizations preserve different savings account just for payroll while some have numerous accounts in various nations does it make sense for business to keep separate bank accounts in some cases in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance data security and banking rules then there are the large numbers they include further intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there’s frequently an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very really basic there’s no genuine consistency framework we’re living 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 provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they depend on the essential multiple processes 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 organization face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s differing 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some children 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 acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m always amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation 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 information 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
world we live in and well-being being increasingly more crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations across the world so once again you’re simply wanting to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or real challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense viewpoint from an impact perspective on staff members it is definitely crucial that it’s done properly 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 biggest harmful result on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been informed 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 however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just 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 things is definitely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll option for your staff members internationally once again I believe is another huge um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 involved in those processes and also so envision sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and type of try to return to everyone so carrying on look why do business pick to main different savings account there are Chocodaps Papaya Global companies out there doing precisely this for specific nations and I have actually worked in an organization or many organizations doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I believe individuals have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering but eventually people are extremely stuck with what they recognize
with right um change is a hard thing all of us don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping several bank accounts however there’s a huge amount of complexity chooses establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I believe the sincere answer is modification um people haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or so there is a lot to monitor and this technique does posture a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety 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 jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Chocodaps Papaya Global
I find time and time again the employees frequently misclassified unknowingly they don’t understand the conditions of employment or contract and are told by the client why it’s most advantageous generally to the client why you need to be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and a number of 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 effect that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance against misclassification but generally premiums are only covering the cost of legal costs whilst the average claim assessed against employers relates to to 40 or half of the base salary of employee is there any point in securing 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 in most cases I haven’t seen it at least so uh the the other location 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK