Managing payroll internationally is a complicated job … Papaya Global Nigeria…
publicly 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 likewise significant legal expenses there exists’s other penalties there’s other expenses behind that also so the total cost can be very significant in the 10s of countless dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is really simply the rules are complicated and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a lot of uncertainty amongst business on what it actually suggests and how you deal with it most employers are merely not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a classification point of view all right 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 Enhancing Hr Efficiency On A Budget With Papaya Global specifically when it comes to their own tax liabilities social security and benefits for instance jury and clearly the employees the other side of the coin
How much revenue does the company make? Papaya Global Nigeria
Over the last 5 or 6 years …Papaya Global Nigeria… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I want I was elsewhere at this moment in time fine 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 Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them ends up being increasingly more complex International companies are looking to find Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have several accounts in different nations does it make good sense for business to preserve different savings account often in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to enhance working capital, and find how simplifying global payroll payments can transform them from a troublesome task into a strategic asset.
due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of employees and services adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, causing disparities and ineffectiveness. Despite living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of an image they see a lack of presence also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to sort of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re just looking to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information 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 does not always require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we operate 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 we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense point of view from an effect point of view on staff members it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been impressed entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has 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 workers or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your employees internationally again I believe is another huge um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of services and decreasing the variety of tools platforms and savings account they need for their Worldwide 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important a role 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and kind of try to get back to everybody so carrying on look why do business pick to main separate checking account there are Papaya Global Nigeria businesses out there doing precisely this for specific nations and I have actually worked in a company or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone 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 amount that we are I think lots of reasons one is it’s the requirement I think people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately people are really stuck with what they recognize
with ideal um change is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous savings account however there’s a big quantity of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I think the truthful answer is change um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always 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 nearly be identified to be the next Century or two there is a lot to monitor and this approach does posture several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Nigeria
I discover time and time again the employees typically misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the client why you should be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare 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 gone by they have not added to pensions And so on so it’s a huge 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 return as much as 10 years um Kathy business are getting insurance coverage against misclassification but generally premiums are just covering the cost of legal fees whilst the average claim assessed against employers corresponds to to 40 or half of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least 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