Handling payroll globally is a challenging task … Nest Papaya Global…
publicly revealed 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 also substantial legal costs there exists’s other charges there’s other costs behind that also so the overall expense can be really considerable 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 really just the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has actually been a continuous development for numerous years now and and still a great deal of unpredictability among companies on what it actually implies and how you handle it most companies are merely not aware of 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 very proactive as you’re engaging uh workers from a category point of view fine thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the staff member Uk Papaya Global Tutorial Uk particularly when it comes to their own tax liabilities social security and advantages for instance jury and clearly the employees the opposite of the coin
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Over the last five or six years …Nest Papaya Global… functions on the company side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap which should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them ends up being more and more complex International organizations are aiming to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain different bank accounts sometimes in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies enhance the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and discover how enhancing international payroll payments can transform them from a difficult job into a strategic possession.
due to various regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and companies contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of combination, leading to inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the essential numerous procedures 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 workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be included right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 consumer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to sort of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so again you’re just looking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would absolutely say that the larger an organization 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 but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era 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 needs to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost point of view from an impact point of view on staff members it is definitely 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 most significant detrimental result on people’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been amazed entering this Market kind of the last five 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 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 employees or not um however eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails however 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 things is definitely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a great primary step um offering an end-to-end payroll solution for your staff members globally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and lowering the number of tools platforms and savings account they need for their Global 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 grievances where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we know how how important 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 simply I was just gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely 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 try to look through them and really see what was going on and sort of shot to return to everyone so proceeding appearance why do business pick to primary different savings account there are Nest Papaya Global services out there doing exactly this for particular countries and I have actually operated in an organization or numerous businesses doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing however ultimately individuals are really stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping several checking account however there’s a substantial amount of intricacy opts for setting up a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I think the truthful answer is modification um people haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or so there is a lot to track and this approach does pose a number of difficulties um so Johnny might you inform us about those challenges yeah of course 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 jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Nest Papaya Global
I discover time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the customer why you need to be employed or participated in this style the employee might 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 passed they have not contributed to pensions Etc so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification however typically premiums are just covering the expense of legal fees whilst the typical claim assessed against companies corresponds to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest most of the times I haven’t seen it a minimum of so uh the the other area that I do believe 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