Handling payroll globally is a daunting task … Cog Papaya Global…
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also substantial legal expenses there’s there’s other penalties there’s other costs behind that too so the total expense can be really significant in the tens of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is truly just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for a number of years now and and still a lot of uncertainty amongst companies on what it truly means and how you deal with it most employers are merely not aware of the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a classification perspective fine thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the staff member Autoupdateclient.Exe Papaya Global specifically when it pertains to their own tax liabilities social security and advantages for example jury and certainly the workers the opposite of the coin
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Over the last five or six years …Cog Papaya Global… roles on the supplier side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join all of us 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 currently just to hear where everybody is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise review a wrap-up which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and managing them ends up being increasingly more intricate International companies are aiming to discover Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment perspective many organizations preserve separate bank account just for payroll while some have several accounts in different countries does it make sense for companies to keep separate bank accounts in some cases in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they include more intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very very standard there’s no genuine consistency framework we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be included best and what does
it require to be thought of 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 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in 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 allowing us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 often split and cut up um eventually 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 however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the settlement landscape is ending up being progressively complex. Companies are continuously presenting brand-new advantages and payment options, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically advanced era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s most significant expenditure, should be processed properly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have significant effects. For that reason, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails 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 also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll option for your workers globally again I think is another substantial um process again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and savings account they require 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know how how important a function 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 involved in those processes and also so imagine sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean up 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 need days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everybody so carrying on look why do companies choose to primary different checking account there are Cog Papaya Global services out there doing precisely this for specific nations and I’ve operated in an organization or lots of organizations doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it needs changing but ultimately people are really stuck with what they’re familiar
with ideal um change is a challenging 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 lot of track of things um I comprehend undoubtedly the advantages of having preserving multiple bank accounts however there’s a big amount of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is modification um individuals haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep an eye on and this approach does present several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Cog Papaya Global
I find time and time again the employees often misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the customer why you ought to be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they have not contributed to pensions Etc so it’s a huge impact that they never understood they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance coverage against misclassification but normally premiums are only covering the cost of legal fees whilst the average claim evaluated against employers corresponds to to 40 or half of the base salary of employee is there any point in taking out insurance coverage 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 charge and interest in many cases I have not seen it a minimum of so uh the the other area 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK