Handling payroll worldwide is a daunting task … Use Papaya Global For 30 Days…
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 substantial legal costs there exists’s other penalties there’s other expenses behind that too so the total expense can be really significant in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is actually simply the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a great deal of uncertainty among companies on what it truly suggests and how you handle it most companies are simply not familiar with the rules 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 employees from a classification point of view okay thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what results can this have on the worker Papaya Global Max especially when it comes to their own tax liabilities social security and benefits for instance jury and certainly the workers the other side of the coin
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Over the last 5 or six years …Use Papaya Global For 30 Days… roles on the provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days 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 sort 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 very very bleak and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a recap which must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and managing them becomes more and more complex Global organizations are aiming to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment standpoint many companies keep different checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve separate savings account sometimes in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there’s frequently a frustrating variety of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or very very standard there’s no real consistency framework we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses 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 errors are because of time reporting poor HCM data information entry errors inadequately communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the required several processes 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 challenges company face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be consisted of 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 nation there’s payment time frames 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 ideal ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 fundamental and innovation is enabling us to sort of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re just wanting to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they simply 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 a period that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact viewpoint on workers it is absolutely 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 biggest detrimental effect on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been told 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 however eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe 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 definitely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll option for your workers internationally once again I believe is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of organizations and minimizing the variety of tools platforms and bank accounts they require 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 have actually 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 problems where things have not gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do companies pick to primary separate checking account there are Use Papaya Global For 30 Days organizations out there doing exactly this for particular nations and I have actually worked in a company or many organizations doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t have to and any person that’s managing that process 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 many reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by 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 believe there’s a range I believe this is a process that requires looking at it requires altering but eventually people are really stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I think it’s simply type 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 advantages of having keeping several savings account but there’s a big quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge however I believe the truthful response is modification um people haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or so there is a lot to monitor and this approach does position several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
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I discover time and time again the workers typically misclassified unconsciously they do not understand the conditions of work or contract and are informed by the customer why it’s optimum mainly to the client why you should be employed or participated 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 impacted and several times it can be years before this all falls out and by that time it’s too late years have gone by they have not contributed to pensions Etc so it’s a huge effect that they never ever knew 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 ten years um Kathy companies are getting insurance against misclassification however normally premiums are only covering the expense of legal fees whilst the typical claim assessed against employers equates to to 40 or 50 percent of the base pay of employee exists 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 have not seen it at least so uh the the other area that I do think if you managed to get the protection 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