Handling payroll internationally is a daunting task … Does Papaya Global Payroll Pay Federal Taxes…
publicly 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 significant legal costs there exists’s other penalties there’s other costs behind that also so the overall cost can be really substantial in the 10s of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong is actually simply the rules are complicated 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 lot of uncertainty amongst business on what it really means and how you deal with it most employers are simply not aware of the rules and and act as if the the rules 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 alright thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what results can this have on the employee Papaya Global Hr Software That Helps Businesses Improve Efficiency especially when it concerns their own tax liabilities social security and benefits for example jury and certainly the employees the other side of the coin
How much revenue does the company make? Does Papaya Global Payroll Pay Federal Taxes
Over the last 5 or 6 years …Does Papaya Global Payroll Pay Federal Taxes… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 dreary and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no real consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global businesses have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information 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 require to move the money worldwide payroll and payments do not run efficiently if they count on the required several 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 obstacles company face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be included right and what does
it need to be thought about there’s differing 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 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 consumer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble 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 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 technology is allowing us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone 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 an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re just wanting to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or genuine tough 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 certainly say that the larger a company 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 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 opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they need 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 hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact point of view on staff members it is definitely critical 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 have to be done right it has the most significant harmful result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll solution for your employees internationally again I think is another big um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of companies and minimizing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know how how essential 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 envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up 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 check out them and in fact see what was going on and sort of try to get back to everybody so proceeding look why do companies choose to main different bank accounts there are Does Papaya Global Payroll Pay Federal Taxes services out there doing exactly this for particular countries and I’ve operated in an organization or lots of organizations doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not need to and anyone that’s dealing with 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 numerous reasons one is it’s the standard I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a process that needs looking at it requires changing but ultimately individuals are very stuck with what they’re familiar
with right um change is a difficult thing all of us don’t like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving several savings account but there’s a big amount of complexity goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is substantial however I think the truthful answer is modification um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or so there is a lot to track and this technique does posture several difficulties um so Johnny might you tell us about those challenges yeah naturally 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 handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Does Papaya Global Payroll Pay Federal Taxes
I discover time and time again the employees often misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the client why it’s optimum mainly to the client why you need to be used or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions Etc so it’s a big effect that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance versus misclassification however usually premiums are just covering the cost of legal fees whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base pay of employee is there any point in securing insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do think 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