Handling payroll internationally is a challenging task … Papaya Global Not Launching 2018…
publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s likewise considerable legal expenses there’s there’s other charges there’s other costs behind that as well so the total cost can be really considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is really just the guidelines are complicated and they’re changing all the time think 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 unpredictability among companies on what it actually implies and how you deal with it most companies are just 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 employees from a classification perspective alright thank you Stephen and moving back 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 Elearning especially when it comes to their own tax liabilities social security and benefits for instance jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Not Launching 2018
Over the last 5 or 6 years …Papaya Global Not Launching 2018… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everybody 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 simply to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 very extremely dreary and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s often an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely basic there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations 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 errors are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the required several processes 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 staff members or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of progress with that it also too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever 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 increasingly more benefits being organ or being offered by organizations across the world so once again you’re just seeking to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on employees 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 need to be done right it has the biggest destructive effect on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately 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 workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your workers globally again I think is another huge um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and checking account they require for their International 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite 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 important 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting 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 need days of the week to attempt 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 select to main different checking account there are Papaya Global Not Launching 2018 organizations out there doing precisely this for specific nations and I have actually operated in a business or many businesses doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for any person where we do not have to and any person that’s handling that procedure 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 numerous reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have 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 lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs changing however ultimately people are extremely stuck with what they’re familiar
with right um change is a tough thing we all do not like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having preserving several checking account but there’s a substantial quantity of complexity chooses setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is big but I think the honest answer is modification um people have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a bank 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 have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny might you inform 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 seems like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Not Launching 2018
I find time and time again the workers often misclassified unconsciously they don’t understand the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the client why you must be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions And so on so it’s a big impact that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance versus misclassification however generally premiums are only covering the expense of legal charges whilst the average claim assessed against companies relates to to 40 or half 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 need to read the small print it is not covering the taxes penalty and interest in most cases I have not seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK