Handling payroll globally is a difficult task … Papaya Global Hr 40M Venture Partners…
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 costs there exists’s other charges there’s other costs behind that also so the total cost can be very substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually simply the guidelines are complex and they’re altering all the time think ir-35 in the UK which has been an ongoing development for several years now and and still a great deal of uncertainty among business on what it actually implies and how you deal with it most employers are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a category viewpoint alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the staff member Papaya Global Requires Owner Social Security Number especially when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the workers the opposite of the coin
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Over the last 5 or 6 years …Papaya Global Hr 40M Venture Partners… functions on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also go over a wrap-up and that ought to 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 Global workforces end up being increasingly more common and managing them becomes increasingly more intricate Worldwide companies are seeking to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of companies preserve separate savings account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate checking account sometimes in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business enhance the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or very really standard there’s no real consistency framework we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be included ideal and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 essential and technology is allowing us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re simply wanting to include increasingly more payments to this currently complicated landscape so if you kind 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 obstacles or genuine challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely state 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 teams feeding info into the next function as it were that’s actually handling 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 need to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an impact viewpoint on staff members it is definitely crucial 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 need to be done right it has the most significant detrimental impact on people’s wellness and numerous other elements if people aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. For that reason, it is necessary to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a fantastic initial step towards providing a detailed payroll option for workers worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts needed for international payroll are key factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important a role 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everybody so carrying on look why do companies select to primary separate bank accounts there are Papaya Global Hr 40M Venture Partners businesses out there doing precisely this for specific nations and I have actually operated in an organization or lots of organizations doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I believe people have actually 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 standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I think this is a process that needs looking at it requires altering but ultimately people are really stuck to what they recognize
with ideal um modification is a tough thing we all do not like change um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining several savings account but there’s a big quantity of complexity goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is huge but I believe the honest answer is modification um individuals haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep track of and this method does position numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range 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 tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Hr 40M Venture Partners
I find time and time again the workers typically misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s optimum generally to the customer why you should be utilized or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t contributed to pensions And so on so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are taking out insurance versus misclassification but normally premiums are just covering the expense of legal fees whilst the typical claim assessed against employers corresponds to to 40 or half of the base salary of worker exists any point in securing insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest in most cases I have not 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 stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK