Managing payroll worldwide is a daunting job … Papaya Global Company Van…
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 announced settlements there’s likewise significant legal expenses there’s there’s other penalties there’s other expenses behind that as well so the total expense can be very considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is truly simply the rules are intricate and they’re changing 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 unpredictability among business on what it really suggests and how you deal with it most employers are just not knowledgeable about 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 very proactive as you’re engaging uh workers from a classification viewpoint okay thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the employee Papaya Global Re-enrolment specifically when it comes to their own tax liabilities social security and advantages for instance jury and certainly the employees the other side of the coin
How much revenue does the company make? Papaya Global Company Van
Over the last 5 or 6 years …Papaya Global Company Van… functions on the company side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very gloomy and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to optimize working capital, and find how enhancing global payroll payments can transform them from a challenging task into a strategic property.
due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and companies contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual procedures, information silos, and an absence of combination, causing inconsistencies and ineffectiveness. In spite of living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and options to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the needed multiple procedures 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 difficulties business face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be included right and what does
it require to be thought about there’s differing Bank details 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 client’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to add to type of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re simply seeking to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works 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 managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs while doing sos 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 era that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an effect point of view on employees it is definitely 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 most significant harmful impact on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been astonished entering this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this type 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 staff members or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll solution for your employees globally again I think is another huge um process once again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of organizations and minimizing the number of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean 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 try to browse them and in fact see what was going on and kind of try to return to everyone so moving on look why do companies choose to main different bank accounts there are Papaya Global Company Van companies out there doing exactly this for particular countries and I’ve worked in an organization or lots of organizations doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions 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 individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing however eventually people are really stuck with what they recognize
with right um change is a tough thing we all do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping multiple bank accounts however there’s a substantial quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is substantial but I think the sincere response is change um people have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually constantly 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 could nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does position several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Company Van
I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of work or contract and are told by the customer why it’s optimum mainly to the customer why you need to be utilized or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care advantages 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 actually passed they have not added to pensions Etc so it’s a huge impact that they never knew they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are getting insurance against misclassification however generally premiums are only covering the expense of legal costs whilst the typical claim assessed against companies equates to to 40 or half of the base pay of employee exists any point in getting insurance coverage 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 for the most part I haven’t seen it a minimum of so uh the the other area 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 pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK