Handling payroll worldwide is a complicated task … Papaya Global Re Running Year End…
openly announced 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 significant legal costs there’s there’s other charges there’s other costs behind that also so the total cost can be extremely significant in the tens of countless dollars or more and and those amounts are growing uh the reason companies are getting it so incorrect 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 development for a number of years now and and still a great deal of unpredictability amongst companies on what it really means and how you deal with it most companies are simply 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 classification viewpoint alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the staff member Papaya Global Purchase especially when it comes to their own tax liabilities social security and benefits for example jury and certainly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Re Running Year End
Over the last five or six years …Papaya Global Re Running Year End… roles on the company side and also 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 everyone fine thanks Johnny uh we’ll just provide 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 kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really 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 raining here it’s very very dreary and I wish 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 challenge years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a difficult job into a tactical property.
due to various guidelines, compliance requirements, information security issues, and banking rules. The large variety of staff members and services adds to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and a lack of combination, causing inconsistencies and inadequacies. Despite living in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to provide insights and services to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be included right and what does
it need 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 time frames there’s payment abilities so can you pay it from International or do you have 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 ideal ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 typically 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so again you’re just looking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on staff members it is absolutely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a great primary step um providing an end-to-end payroll option for your employees worldwide once again I think is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and bank accounts they require 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 anticipate 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 don’t think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do companies select to primary different savings account there are Papaya Global Re Running Year End companies out there doing exactly this for particular nations and I’ve worked in a business or many services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t have to and any person that’s dealing with 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 think lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering but eventually people are extremely stuck to what they’re familiar
with best um change is a hard thing all of us don’t like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping numerous savings account but there’s a big amount of complexity opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is huge however I believe the truthful answer is modification um people have not been able to change or haven’t had necessarily the knowledge to truly 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 knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to track and this approach does position several difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Re Running Year End
I discover time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of work or contract and are told by the customer why it’s most advantageous mainly to the client why you must be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t contributed to pensions Etc so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification but typically premiums are only covering the expense of legal charges whilst the typical claim assessed against companies relates 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 in most cases I haven’t 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 pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK