Managing payroll internationally is an overwhelming job … Papaya Global Cover…
publicly 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 significant legal expenses there’s there’s other penalties there’s other costs behind that as well so the total expense can be very significant in the 10s of countless dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is really just the rules are complicated and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for a number of years now and and still a lot of unpredictability amongst business on what it actually suggests and how you deal with it most companies are simply not aware of the rules 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 viewpoint all right thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the staff member Papaya Global Affiliate Login especially when it concerns their own tax liabilities social security and advantages for instance jury and clearly the workers the other side of the coin
How much revenue does the company make? Papaya Global Cover
Over the last 5 or 6 years …Papaya Global Cover… roles on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating 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 we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 dreary and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s typically a frustrating number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very very standard there’s no real consistency structure we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be included best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 any place you look ideal ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if but some babies 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 recognition that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split 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 data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost perspective from an effect viewpoint on workers it is definitely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental effect on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually always been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first International Payments first payroll payment option is a terrific initial step towards offering an extensive payroll service for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts required for global payroll are key consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how crucial 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 likewise so imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up 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 require days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everyone so proceeding appearance why do companies pick to primary different savings account there are Papaya Global Cover companies out there doing precisely this for particular nations and I have actually worked in a business or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and anybody that’s handling 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 quantity that we are I believe numerous factors one is it’s the requirement I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply 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 looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing but ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a difficult thing we all don’t like modification um so I believe it’s just sort 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 comprehend certainly the advantages of having maintaining several bank accounts however there’s a huge amount of complexity opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is big but I believe the sincere answer is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to monitor and this technique does present a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Cover
I find time and time again the employees typically misclassified unknowingly they don’t understand the conditions of work or contract and are told by the customer why it’s most advantageous mainly to the customer why you should be utilized or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee 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 passed they haven’t added to pensions Etc so it’s a huge impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification however normally premiums are just covering the cost of legal costs whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance coverage 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 for the most part I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK