Managing payroll globally is a challenging job … Papaya Global Growth…
publicly announced 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 substantial legal expenses there’s there’s other penalties there’s other expenses behind that also so the total expense can be very significant in the tens of millions of dollars or more and and those amounts are growing uh the reason business are getting it so incorrect is actually just the rules are intricate and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for numerous years now and and still a great deal of unpredictability amongst companies on what it really suggests and how you deal with it most companies are merely not familiar with the guidelines 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 point of view okay thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the employee Can Papaya Global Reverse A Payroll Deposit specifically when it comes to their own tax liabilities social security and advantages for example jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Papaya Global Growth
Over the last five or 6 years …Papaya Global Growth… functions on the supplier side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really 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 really extremely dreary and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll costs to enhance working capital, and find how enhancing global payroll payments can change them from a burdensome task into a strategic asset.
due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Regardless of living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and enhance worldwide payroll payments.
about it to offer you a concept 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 provides me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong location the average cost 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 cash worldwide payroll and payments do not run smoothly if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 innovation is enabling us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I’ve split 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 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 process 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
world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s increasingly more advantages being organ or being used by businesses across the world so again you’re just seeking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups 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 viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require 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 era of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on workers it is absolutely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has actually 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 staff members or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think 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 definitely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll service for your employees internationally again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and savings account they need 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 had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was just 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 suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everybody so moving on look why do business choose to main different checking account there are Papaya Global Growth services out there doing precisely this for particular nations and I’ve worked in a service or numerous organizations doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and anybody that’s handling 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 believe lots of factors one is it’s the requirement I think people have actually got so utilized to we need 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 requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately people are very stuck to what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping multiple savings account however there’s a big amount of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge but I think the honest response is modification um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from 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 an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this method does pose a number of challenges um so Johnny might you inform us about those difficulties yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Growth
I discover time and time again the workers often misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s optimum generally to the client why you ought to be utilized or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added 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 state the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance coverage versus misclassification but usually premiums are only covering the expense of legal fees whilst the average claim assessed against employers equates to to 40 or 50 percent of the base salary of worker is there 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 penalty and interest most of the times I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK