Handling payroll worldwide is a daunting job … The W-2 Is On Papaya Global…
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 revealed settlements there’s also significant legal expenses there exists’s other charges there’s other costs behind that as well so the overall expense can be extremely substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason business are getting it so incorrect is actually just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a great deal of uncertainty among companies on what it really indicates 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 motivate you to to be extremely proactive as you’re engaging uh employees from a classification perspective fine thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the staff member Papaya Global Hr Software For Efficient Payroll specifically when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the workers the opposite of the coin
How much revenue does the company make? The W-2 Is On Papaya Global
Over the last five or 6 years …The W-2 Is On Papaya Global… roles on the service 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 simply provide 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 type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business keep separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession 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.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s frequently a frustrating number of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely fundamental there’s no real consistency structure we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if but some infants 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 recognition that payroll payments are definitely basic and innovation is permitting us to type of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m always amazed when individuals state I have actually 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to sort of the level of complexity there’s more and more advantages being organ or being used by companies across the world so once again you’re simply looking to add more and more payments to this already complex landscape so if you type 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 tough sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would certainly state that the larger a business 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 groups feeding information into the next function as it were that’s really handling the payment side of things but 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 create additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an effect point of view on workers it is absolutely crucial 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 have to be done right it has the biggest harmful result on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 things is absolutely important that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll solution for your staff members globally once again I believe is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and bank accounts they require for their International 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 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we understand 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 everyone that’s involved in those processes and also so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can’t think of 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 actually see what was going on and kind of try to return to everyone so carrying on look why do companies pick to primary different checking account there are The W-2 Is On Papaya Global organizations out there doing exactly this for particular nations and I have actually operated in a business or many businesses doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s handling that process 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 reasons one is it’s the requirement I believe people have got so used to we need a brand-new checking account we open an entity and rightly 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 standard individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs altering however eventually people are extremely stuck with what they’re familiar
with ideal um change is a tough thing all of us don’t like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping multiple checking account but there’s a big quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is huge however I believe the truthful answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to track and this technique does position several difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you changed 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 employees you should have a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you The W-2 Is On Papaya Global
I find time and time again the workers frequently misclassified unwittingly they do not understand the conditions of employment or contract and are told by the customer why it’s optimum mainly to the client why you must be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions Etc so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance coverage against misclassification but usually premiums are only covering the expense of legal fees whilst the average claim evaluated against employers corresponds to to 40 or half of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest in many cases I haven’t seen it at least 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 pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK