Managing payroll worldwide is a challenging task … Papaya Global Makes Payroll…
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 announced settlements there’s also significant legal costs there’s there’s other charges there’s other costs behind that too 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 companies are getting it so wrong is actually simply the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for a number of years now and and still a lot of uncertainty among business on what it really implies and how you deal with it most companies are simply not familiar with 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 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 just the business that suffers in the long run what results can this have on the staff member Papaya Global Payroll Employee Login specifically when it comes to their own tax liabilities social security and advantages for example jury and undoubtedly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Makes Payroll
Over the last 5 or six years …Papaya Global Makes Payroll… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely gloomy and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can change them from a troublesome job into a tactical property.
due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and services adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual processes, information silos, and a lack of integration, leading to inconsistencies and ineffectiveness. In spite of living in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and services to streamline and enhance international 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 Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be consisted of right 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 country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is definitely crucial however 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 type 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 fundamental and innovation is permitting us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone 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 process it’s the point of information 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 kind of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so again you’re simply looking to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging type of pay uses to play to pay people I believe yeah I imply 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 job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an era 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 greatest liability that any business has from a cost viewpoint from an effect viewpoint on employees it is definitely crucial that it’s done properly 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 greatest detrimental result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been impressed entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this kind 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 however ultimately payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think 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 definitely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is an excellent primary step um providing an end-to-end payroll solution for your staff members worldwide again I believe is another substantial um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and decreasing 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 terms of 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 quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying 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 try to look through them and really see what was going on and kind of try to get back to everyone so moving on appearance why do companies choose to main different checking account there are Papaya Global Makes Payroll companies out there doing exactly this for specific countries and I have actually operated in a service or lots of businesses doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe people have actually got so used to we need a brand-new savings 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 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 add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering however eventually individuals are extremely stuck with what they recognize
with ideal um change is a hard thing all of us do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving several savings account however there’s a huge amount of complexity goes with setting up a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is substantial but I think the sincere answer is change um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this approach does pose numerous difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have 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 should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Makes Payroll
I find time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum primarily to the customer why you should be employed or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care benefits 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 too late years have actually gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never ever understood they were strolling 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 business are securing insurance versus misclassification but generally premiums are only covering the cost of legal fees whilst the average claim examined against employers relates to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many cases I have not 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 truth that you were not in compliance with laws um in the UK