Managing payroll globally is a challenging task … Papaya Global French Guiana…
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 revealed settlements there’s also considerable legal expenses there’s there’s other charges there’s other costs behind that also so the total expense can be extremely substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is actually just the rules are complex and they’re altering all the time think ir-35 in the UK which has been a continuous development for several years now and and still a lot of uncertainty amongst companies on what it really indicates and how you deal with it most companies are just not knowledgeable about 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 really proactive as you’re engaging uh employees from a classification viewpoint okay 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 Posting To Wrong Papaya Globalaccounts especially when it pertains to their own tax liabilities social security and advantages for instance jury and obviously the employees the other side of the coin
How much revenue does the company make? Papaya Global French Guiana
Over the last five or 6 years …Papaya Global French Guiana… roles on the company side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather 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 really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise review a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them ends up being a growing number of complicated International organizations are aiming to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint many organizations preserve different savings account just for payroll while some have several accounts in different countries does it make good sense for companies to keep separate bank accounts often in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a difficult job into a strategic asset.
due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of combination, leading to inconsistencies and inefficiencies. In spite of residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and options to simplify and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong 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 all over the world payroll and payments do not run efficiently if they depend on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought of there’s varying 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 client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve divided 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 divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so once again you’re simply wanting to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an effect point of view on employees it is absolutely crucial 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 detrimental impact on people’s wellness and many other factors if individuals aren’t paid uh I have actually always been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll service for your employees worldwide once again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and minimizing 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 terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 also so picture sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of try to get back to everybody so moving on look why do companies pick to primary separate savings account there are Papaya Global French Guiana businesses out there doing precisely this for specific countries and I have actually worked in a service or many services 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 extra work for anybody where we don’t need to and anybody 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 quantity that we are I think many reasons one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires altering however ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving several bank accounts however there’s a big amount of intricacy opts for establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is huge but I believe the truthful answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or so there is a lot to track and this technique does posture numerous obstacles um so Johnny might you tell us about those challenges yeah of course 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 handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global French Guiana
I find time and time again the employees often misclassified unconsciously they do not understand the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the customer why you need to be employed or taken part 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 numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not contributed to pensions And so on so it’s a big effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance against misclassification but normally premiums are just covering the cost of legal charges whilst the average claim assessed versus employers equates to to 40 or 50 percent of the base pay of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the small 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 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 stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK