Managing payroll internationally is a difficult task … Papaya Global Thailand…
publicly 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 charges there’s other costs behind that as well so the total expense can be very considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is truly simply the rules are complex and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for several years now and and still a lot of uncertainty among business on what it actually means and how you deal with it most employers are merely not aware of the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a classification point of view all right thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee How Much Does It Cost To Turn On Papaya Global Payroll especially when it pertains to their own tax liabilities social security and benefits for instance jury and undoubtedly the employees the other side of the coin
How much revenue does the company make? Papaya Global Thailand
Over the last five or six years …Papaya Global Thailand… roles on the provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days 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 type of like see where everybody comes from and I truly 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 really dreary and I want I was somewhere else 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 obstacle years of handling Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them becomes more and more complex Worldwide organizations are seeking to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment standpoint many companies maintain different savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different bank accounts sometimes in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business streamline the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a troublesome task into a strategic asset.
due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large number of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and a lack of combination, causing inconsistencies and ineffectiveness. Despite living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and services to streamline and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in international payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors inadequately communicated hires and terminations as well as absence management and system setups and then when you round it all off and the data is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be consisted of best and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you 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 definitely essential and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 procedure it’s the point of information 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
The modern-day world puts a high value on well-being and the compensation landscape is becoming significantly detailed. Organizations are constantly presenting new benefits and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly sophisticated age, there’s no validation for preserving troublesome procedures. Payroll, the company’s greatest expense, must be processed correctly and on time. Even slight hold-ups can adversely affect employees’ well-being and have far-reaching consequences. Therefore, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly 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 essential cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think 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 things is definitely important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your employees worldwide again I think is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and savings account they require for their Global 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway 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 everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so carrying on appearance why do companies choose to primary different savings account there are Papaya Global Thailand services out there doing exactly this for particular nations and I’ve operated in a company or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and any person 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 amount that we are I think numerous reasons one is it’s the requirement I believe people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering but ultimately people are really stuck with what they recognize
with best um modification is a tough thing all of us do not like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving multiple checking account but there’s a big amount of complexity goes with setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is substantial but I think the truthful response is modification um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep track of and this method does position several difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise 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 actually gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Thailand
I discover time and time again the workers typically misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the customer why you need to be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care 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 gone by they have not contributed to pensions Etc so it’s a huge effect that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are securing insurance coverage against misclassification but generally premiums are just covering the cost of legal charges whilst the typical claim examined versus employers corresponds to to 40 or half of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest in many cases I haven’t seen it a minimum of so uh the the other area 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK