Handling payroll globally is a challenging job … Papaya Global Help Centre…
openly revealed 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 significant legal costs there’s there’s other charges there’s other costs behind that as well so the overall cost can be really substantial in the 10s of millions of dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is truly just the guidelines are complex and they’re changing all the time think ir-35 in the UK which has actually been an ongoing development for several years now and and still a lot of unpredictability amongst companies on what it truly suggests and how you deal with it most companies are simply not familiar with the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category 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 staff member How To Move Papaya Global Data specifically when it comes to their own tax liabilities social security and advantages for example jury and certainly the employees the opposite of the coin
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Over the last five or 6 years …Papaya Global Help Centre… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join we all 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 currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 dreary and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also discuss a recap and that ought to leave his time at the really 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 International workforces end up being a growing number of typical and handling them ends up being more and more intricate International organizations are looking to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies maintain separate checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve separate savings account sometimes in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can transform them from a troublesome task into a tactical asset.
due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and companies contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and solutions to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be included right and what does
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it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 often 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by services across the world so again you’re just looking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay people 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 functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require 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 prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on staff members it is absolutely important that it’s done properly 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 biggest damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is an excellent first step um providing an end-to-end payroll option for your workers internationally once again I believe is another huge um procedure once again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of services 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of 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 certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everybody so proceeding appearance why do companies pick to main different checking account there are Papaya Global Help Centre organizations out there doing precisely this for specific countries and I have actually operated in an organization or numerous businesses doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and anyone 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 amount that we are I believe numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck to what they recognize
with best um modification is a difficult thing all of us don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining multiple checking account but there’s a substantial quantity of complexity opts for setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is big however I think the truthful answer is change um people haven’t been able to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this technique does pose several difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I just did you switched our Enterprise 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 workers you should have a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Help Centre
I discover time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the customer why you must be used or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and several 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 And so on so it’s a big effect 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 return as much as ten years um Kathy business are securing insurance coverage versus misclassification but generally premiums are only covering the expense of legal fees whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base pay of employee exists any point in getting insurance 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 a minimum of so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK