Managing payroll internationally is a complicated task … Papaya Global Cambodia…
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 likewise significant legal expenses there’s there’s other charges there’s other costs behind that also so the total expense can be really substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason why business are getting it so incorrect is truly just the rules are complex and they’re altering all the time believe ir-35 in the UK which has actually been a continuous development for a number of years now and and still a lot of unpredictability amongst companies on what it actually implies and how you handle it most companies are just not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a classification viewpoint fine thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the worker How Does Tsheets Integrate With Papaya Global Payroll particularly when it pertains to their own tax liabilities social security and benefits for example jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Cambodia
Over the last 5 or six years …Papaya Global Cambodia… roles on the company side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really gloomy 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 handling Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll likewise review a wrap-up and that should leave his time at the really very 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 a growing number of typical and handling them ends up being increasingly more intricate Global companies are aiming to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment standpoint lots of companies keep different savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep different bank accounts in some cases in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a troublesome task into a strategic property.
due to different regulations, compliance requirements, data security concerns, and banking rules. The large variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and services to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if but some infants 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 basic and technology is permitting us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m constantly impressed when people state I’ve 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being used by businesses across the world so once again you’re simply looking to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine difficult kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would absolutely say that the larger a business 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 information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient 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 why we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from a cost perspective from an impact point of view on staff members it is absolutely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on people’s wellness and lots of other aspects if people aren’t paid uh I’ve always been impressed entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a great first step um supplying an end-to-end payroll option for your employees worldwide again I think is another big um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of companies and reducing the variety of tools platforms and checking 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 ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how important 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 involved in those processes and likewise so envision sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and sort of try to return to everybody so moving on look why do companies select to primary separate checking account there are Papaya Global Cambodia organizations out there doing exactly this for particular countries and I’ve worked in an organization or numerous businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and any person that’s managing that procedure 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 think many reasons one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a process that requires looking at it requires changing but eventually people are very stuck to what they’re familiar
with right um change is a tough thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining several savings account but there’s a huge amount of intricacy goes with establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is huge but I believe the sincere response is modification um people haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this method does present numerous challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Cambodia
I discover time and time again the workers typically misclassified unwittingly they do not understand the conditions of employment or agreement and are told by the customer why it’s most advantageous generally to the client 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 health care benefits of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions Etc so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage against misclassification but generally premiums are just covering the cost of legal charges whilst the typical claim assessed against employers relates to to 40 or 50 percent of the base salary of employee is there any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge 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 protection 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 fact that you were not in compliance with laws um in the UK