Handling payroll worldwide is a daunting task … Enhancing Hr Efficiency Cost-effectively With Papaya Global…
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 substantial legal expenses there’s there’s other penalties there’s other expenses behind that as well so the overall expense can be really substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is truly just the rules are complex and they’re altering all the time think ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a lot of unpredictability amongst companies on what it really implies and how you deal with it most companies are just not aware of the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a classification perspective okay thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what results can this have on the worker Ask Papaya Global Employee Without National Insurance Number especially when it pertains to their own tax liabilities social security and benefits for example jury and obviously the workers the opposite of the coin
How much revenue does the company make? Enhancing Hr Efficiency Cost-effectively With Papaya Global
Over the last five or 6 years …Enhancing Hr Efficiency Cost-effectively With Papaya Global… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really 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 raining here it’s really extremely dreary and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll also go over a recap and that ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them ends up being a growing number of complex International organizations are looking to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment perspective numerous companies preserve separate bank account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different savings account often in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a challenging job into a strategic possession.
due to different guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of combination, resulting in disparities and inadequacies. Despite residing in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international 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 information data entry errors poorly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the essential numerous 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 challenges service face when they’re paying to employees or otherwise that’s a great concern I always 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 information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the compensation landscape is becoming increasingly detailed. Businesses are continually presenting new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated age, there’s no justification for keeping cumbersome procedures. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even slight delays can adversely affect employees’ well-being and have significant repercussions. For that reason, it’s vital to prioritize accurate and timely payments.
payroll group get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 stuff is absolutely vital that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is an excellent primary step um providing an end-to-end payroll option for your staff members globally once again I believe is another huge um process once again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of businesses and lowering the number of tools platforms and checking account they need for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect 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 quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we understand 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 everyone that’s associated with those processes and also so envision sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean 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 try to browse them and actually see what was going on and kind of try to get back to everyone so proceeding appearance why do companies select to primary separate bank accounts there are Enhancing Hr Efficiency Cost-effectively With Papaya Global organizations out there doing precisely this for specific nations and I’ve operated in a service or numerous services doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not 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 believe lots of factors one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires altering however ultimately individuals are extremely stuck with what they recognize
with right um change is a hard thing we all do not like change um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping multiple checking account but there’s a big amount of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is big but I think the truthful answer is change um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to track and this method does pose several obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Business 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 Global workers you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Enhancing Hr Efficiency Cost-effectively With Papaya Global
I find time and time again the workers typically misclassified unwittingly they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the client why you need to be utilized or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 passed they haven’t added to pensions And so on so it’s a big effect that they never understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance versus misclassification but generally premiums are just covering the expense of legal charges whilst the typical claim assessed versus employers equates to to 40 or half of the base salary of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest most of the times I haven’t seen it at least so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK