Managing payroll worldwide is a complicated task … Learn Papaya Global Free…
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 considerable legal expenses there exists’s other penalties there’s other expenses behind that also so the total cost can be extremely substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is actually simply the rules are complicated and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of unpredictability among business on what it truly means and how you handle it most companies are merely not aware of 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 very proactive as you’re engaging uh employees from a category point of view alright thank you Stephen and moving back 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 Pocket Guide 2022 specifically when it pertains to their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the opposite of the coin
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Over the last 5 or 6 years …Learn Papaya Global Free… functions on the company side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer 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 rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin 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 companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and handling them ends up being more and more intricate Global companies are looking to find Solutions and new methods to simplify processes specifically from a payroll and cross-border payment viewpoint lots of companies maintain different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep separate checking account in some cases in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex procedures of
Ensuring accurate, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and find how simplifying international payroll payments can change them from a difficult job into a strategic property.
due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual processes, data silos, and a lack of combination, resulting in disparities and inadequacies. Regardless of residing in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to offer insights and options to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide 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 don’t run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
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it require to be thought of 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 customer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by businesses throughout the world so once again you’re just seeking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost point of view from an effect viewpoint on workers it is definitely vital 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 need to be done right it has the biggest damaging effect on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a great initial step um offering an end-to-end payroll option for your workers worldwide again I believe is another substantial um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of services and lowering the number of tools platforms and checking account they need for their Global 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 had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are really 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 associated with those processes and also so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean 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 need days of the week to attempt to look through them and really see what was going on and sort of try to get back to everybody so proceeding appearance why do companies select to main different bank accounts there are Learn Papaya Global Free organizations out there doing exactly this for particular countries and I have actually operated in a service or lots of services doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have 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 kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering but eventually people are very stuck to what they recognize
with right um modification is a hard thing all of us do not like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving multiple savings account but there’s a huge amount of complexity opts for establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is huge but I believe the honest answer is change um people haven’t been able to alter or haven’t had always the knowledge to really 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 understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this technique does present numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Learn Papaya Global Free
I find time and time again the employees typically misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the customer why it’s optimum mainly to the customer why you need to be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker 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 passed they haven’t added to pensions Etc so it’s a huge impact that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance against misclassification but generally premiums are just covering the expense of legal fees whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base salary of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest most of the times I haven’t seen it a minimum of 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 pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK