Handling payroll globally is an overwhelming task … Papaya Global Sold…
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 significant legal expenses there exists’s other penalties there’s other costs behind that too so the overall cost can be very considerable 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 intricate and they’re altering 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 uncertainty amongst business on what it actually implies and how you deal with it most companies are merely not familiar with 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 really proactive as you’re engaging uh workers from a category perspective alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee Papaya Global 2020/21 particularly when it comes to their own tax liabilities social security and benefits for example jury and undoubtedly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Sold
Over the last five or 6 years …Papaya Global Sold… roles on the provider side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort 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 sort of like see where everybody 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 drizzling here it’s extremely very bleak and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially beneficial for global companies 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 nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and find how improving worldwide payroll payments can transform them from a burdensome job into a tactical possession.
due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and companies adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, resulting in disparities and inadequacies. Despite residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and solutions to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see a lack of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t 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 information entry errors inadequately interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be included right and what does
it need to be thought of 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 capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 allowing us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being used by organizations across the world so once again you’re simply looking to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely say that the bigger a service 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 in fact 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 require to produce extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense viewpoint from an impact viewpoint on employees it is definitely crucial that it’s done properly 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 biggest destructive effect on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been informed 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 but eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your employees globally once again I believe is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of companies and reducing the variety of tools platforms and checking account they need for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested 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 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 picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and type of shot to return to everyone so moving on appearance why do companies select to main different savings account there are Papaya Global Sold services out there doing precisely this for particular nations and I’ve worked in an organization or lots of services doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s managing 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 quantity that we are I believe numerous reasons one is it’s the standard I think individuals have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs altering however ultimately people are very stuck to what they recognize
with best um modification is a difficult thing we all do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving several savings account however there’s a big amount of intricacy opts for establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial but I believe the sincere answer is modification um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however 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 could almost be figured out to be the next Century or two there is a lot to keep track of and this method does position several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched 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 Worldwide staff members you should have a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Sold
I discover time and time again the workers frequently misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you should be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 passed they haven’t contributed to pensions And so on 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 go back as much as 10 years um Kathy companies are securing insurance against misclassification but typically premiums are just covering the cost of legal charges whilst the typical claim assessed versus employers corresponds to to 40 or half of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of so uh the the other location 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 denied protection on the basis of the fact that you were not in compliance with laws um in the UK