Managing payroll worldwide is an overwhelming job … Papaya Global Tax Calendar…
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Over the last 5 or 6 years …Papaya Global Tax Calendar… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number 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 fascinating and I can see it going on currently just 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 remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no real consistency structure we’re living in a period of tech but payroll has 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 an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the required numerous processes 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 challenges service face when they’re making payments to staff members or otherwise that’s a great question I constantly toss 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 varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations throughout the world so again you’re simply seeking to add more and more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely state that the larger an organization 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 groups feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra 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 a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost perspective from an effect viewpoint on staff members it is absolutely critical that it’s done correctly and on time so what we mean 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 people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been surprised entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll option for your staff members internationally again I think is another substantial um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and checking account they need 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 ever 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 complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na say envision 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 numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of try to return to everyone so proceeding look why do companies select to primary different savings account there are Papaya Global Tax Calendar businesses out there doing precisely this for specific countries and I’ve worked in a business or lots of organizations doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and anybody 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 quantity that we are I believe lots of factors one is it’s the requirement I think individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it requires altering but eventually people are very stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving several bank accounts however there’s a big amount of intricacy chooses establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big but I believe the sincere response is change um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep an eye on and this technique does position numerous challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Tax Calendar
I find time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the customer why it’s most advantageous generally to the client why you should be utilized or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected 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 added to pensions And so on so it’s a huge impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification however usually premiums are only covering the expense of legal fees whilst the average claim examined versus employers relates to to 40 or 50 percent of the base pay of worker is there any point in getting 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 in many cases I haven’t 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 pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK