Managing payroll internationally is a difficult job … How Do You Use Papaya Global Payroll…
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 revealed settlements there’s likewise significant legal costs there’s there’s other charges there’s other expenses behind that too so the total cost can be really considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is really just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has been a continuous development for several years now and and still a lot of unpredictability amongst business on what it actually means and how you deal with it most companies are merely not knowledgeable about 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 extremely proactive as you’re engaging uh employees from a classification viewpoint okay thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the employee Does Papaya Global Pay My Payroll Taxes especially when it pertains to 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? How Do You Use Papaya Global Payroll
Over the last five or 6 years …How Do You Use Papaya Global Payroll… roles on the supplier side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes 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 bleak and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a recap which needs to leave his time at the extremely 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 Worldwide labor forces become more and more common and handling them becomes increasingly more intricate Global companies are looking to find Solutions and new ways to streamline procedures especially from a payroll and cross-border payment standpoint many companies maintain different bank account just for payroll while some have several accounts in different countries does it make good sense for business to maintain separate bank accounts sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly 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 enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include more complexity the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the globe in the traditional payroll model there’s frequently a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency framework we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide organizations have expressed 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 because of time reporting bad HCM information information entry mistakes badly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it require to be thought of there’s differing Bank details 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely critical however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide 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 process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to type of the level of intricacy there’s more and more benefits being organ or being offered by organizations across the world so again you’re just seeking to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or real difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we operate 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 understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect point of view on staff members it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. For that reason, it is important to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a terrific initial step towards providing an extensive payroll option for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account required for global payroll are key factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we know how how important a function 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 simple as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to get back to everyone so proceeding look why do companies select to primary separate savings account there are How Do You Use Papaya Global Payroll organizations out there doing precisely this for specific nations and I have actually operated in a business or numerous companies doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and anybody that’s managing that procedure 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 lots of reasons one is it’s the requirement I think people have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering but eventually people are extremely stuck to what they’re familiar
with best um change is a hard thing we all don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having maintaining several checking account however there’s a huge amount of intricacy goes with establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is substantial however I think the truthful answer is modification um individuals have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually 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 understand what might almost be identified to be the next Century or two there is a lot to monitor and this approach does position several challenges um so Johnny might you inform us about those obstacles yeah of course 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 tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication 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 achievements. How Do You Use Papaya Global Payroll
I discover time and time again the employees frequently misclassified unknowingly they do not understand the conditions of employment or agreement and are informed by the client why it’s most advantageous mainly to the customer why you must be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee 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 actually passed they haven’t contributed to pensions Etc so it’s a huge impact that they never ever 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 ten years um Kathy companies are taking out insurance against misclassification however usually premiums are only covering the cost of legal fees whilst the typical claim examined against companies relates to to 40 or half of the base pay of employee exists any point in taking out 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 most of the times I haven’t seen it at least so uh the the other location that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK