Managing payroll internationally is a daunting job … Papaya Global Brazil…
openly revealed 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 expenses behind that too so the overall cost can be really significant in the 10s of countless dollars or more and and those quantities are growing uh the reason business are getting it so wrong is truly just the guidelines are complex and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a lot of unpredictability amongst business on what it really means and how you deal with it most companies are just not aware of the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a category viewpoint all right 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 staff member How To Process Furlough Pay In Papaya Global especially when it concerns their own tax liabilities social security and advantages for instance jury and clearly the workers the opposite of the coin
How much revenue does the company make? Papaya Global Brazil
Over the last 5 or six years …Papaya Global Brazil… functions on the company side and likewise on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind 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 kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 really uninspiring 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 taking a look at the obstacle years of managing Worldwide payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a recap and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes a growing number of intricate International companies are aiming to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment standpoint numerous organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate checking account in some cases in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can transform them from a difficult task into a strategic asset.
due to different policies, compliance requirements, information security issues, and banking rules. The sheer variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, information silos, and an absence of combination, causing inconsistencies and inefficiencies. In spite of living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and options 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 companies state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in international payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the needed numerous 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 obstacles company face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of progress with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by companies throughout the world so again you’re simply seeking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real difficult sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an impact point of view on employees it is definitely vital that it’s done properly and on time so what we imply 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 damaging effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been astonished 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 exactly sure anybody on this kind of webinar has actually 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 ultimately payroll is such an essential cycle we all hear about it when it goes wrong 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 things is absolutely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a great initial step um supplying an end-to-end payroll solution for your staff members globally once again I think is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of 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 ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow 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 everyone that’s associated with those procedures and also so think of sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and sort of try to return to everyone so proceeding look why do business choose to primary different checking account there are Papaya Global Brazil businesses out there doing exactly this for particular countries and I’ve operated in a company or many companies doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra 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 think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have 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 many other ways um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs changing however eventually individuals are very stuck with what they recognize
with right um modification is a hard thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving numerous savings account however there’s a huge amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big however I think the sincere response is modification um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve constantly 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 could almost be identified to be the next Century approximately there is a lot to monitor and this method does posture numerous obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so
I simply 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 International employees you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Brazil
I find time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the client why it’s most advantageous generally to the customer why you need to be used or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions Etc so it’s a huge impact that they never ever knew 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 companies are getting insurance coverage against misclassification but typically premiums are just covering the cost of legal charges whilst the average claim evaluated against employers equates to to 40 or half of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge 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 protection what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK