Managing payroll globally is a daunting task … Papaya Global See Total Hours Worked By Employee…
openly 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 considerable legal costs there’s there’s other charges there’s other costs behind that also so the overall cost can be very significant 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 rules are complex and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for numerous years now and and still a great deal of unpredictability among companies on what it truly indicates and how you handle it most employers are simply not aware of the rules and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a classification point of view all right thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the worker Papaya Global Pty Ltd particularly when it pertains to their own tax liabilities social security and advantages for example jury and obviously the workers the other side of the coin
How much revenue does the company make? Papaya Global See Total Hours Worked By Employee
Over the last 5 or six years …Papaya Global See Total Hours Worked By Employee… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly 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 wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also discuss a recap and that must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them ends up being a growing number of complex Global companies are aiming to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint many companies keep different bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep separate bank accounts often in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business enhance the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to check out 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 improving worldwide payroll payments can transform them from a difficult task into a tactical property.
due to different policies, compliance requirements, information security concerns, and banking rules. The large number of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and an absence of combination, causing disparities and inefficiencies. In spite of residing in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize international payroll payments.
about it to give 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 provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included ideal and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely critical but all over you look with payroll payment they resemble extremely payments no if but some babies 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 absolutely essential and technology is enabling us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by businesses across the world so once again you’re just aiming to include increasingly more payments to this already complicated 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 genuine obstacles or real difficult sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a company 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 teams feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any organization has from a cost perspective from an impact point of view on employees it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging result on people’s well-being and many other factors if people aren’t paid uh I’ve always been impressed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has actually been told 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 staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your workers worldwide again I think is another big um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and checking account they require for their International 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect 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 suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean 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 need days of the week to attempt to look through them and really see what was going on and sort of try to return to everyone so moving on look why do companies pick to primary different savings account there are Papaya Global See Total Hours Worked By Employee organizations out there doing exactly this for specific countries and I’ve worked in a business or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced 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 ways um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires changing however ultimately individuals are really stuck with what they recognize
with right um modification is a hard thing all of us do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining multiple bank accounts but there’s a big amount of complexity opts for establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big but I believe the sincere answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep an eye on and this method does posture a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise 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 gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global See Total Hours Worked By Employee
I find time and time again the workers typically misclassified unconsciously they don’t comprehend the conditions of work or contract and are told by the client why it’s optimum generally to the customer why you need to be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker 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 passed they have not added to pensions Etc so it’s a big 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 return as much as 10 years um Kathy business are taking out insurance versus misclassification but generally premiums are only covering the cost of legal charges whilst the average claim assessed versus employers relates to to 40 or half of the base pay of worker exists any point in taking out insurance 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 for the most part I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying 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