Managing payroll internationally is a difficult task … Papaya Global Timesheet…
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also substantial legal costs there exists’s other charges there’s other expenses behind that too so the overall expense can be very substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is really simply the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a lot of unpredictability among companies on what it actually indicates and how you deal with it most companies are simply not familiar with the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a category viewpoint all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee Papaya Global Change Process Date particularly when it concerns their own tax liabilities social security and benefits for example jury and obviously the employees the opposite of the coin
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Over the last five or six years …Papaya Global Timesheet… functions on the supplier side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll likewise review a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them becomes increasingly more complicated International companies are aiming to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint numerous organizations keep different checking account just for payroll while some have multiple accounts in different nations does it make sense for business to keep different bank accounts sometimes in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can change them from a troublesome task into a strategic property.
due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of integration, resulting in disparities and ineffectiveness. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be included best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to type of the level of complexity there’s increasingly more advantages being organ or being used by services across the world so again you’re simply wanting to add a growing number of 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 but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info 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 always require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos 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 age 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 hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect viewpoint on workers it is definitely vital 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 result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been amazed entering this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. Therefore, it is vital to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first Global Payments first payroll payment option is a terrific initial action towards offering an extensive payroll service for workers worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account necessary for global payroll are key factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and sort of shot to return to everybody so carrying on appearance why do companies pick to main separate bank accounts there are Papaya Global Timesheet companies out there doing precisely this for particular nations and I’ve operated in an organization or numerous businesses doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I believe individuals have got so utilized to we require a new savings 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 individuals have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering however ultimately people are very stuck with what they’re familiar
with right um change is a tough thing we all don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving several checking account but there’s a huge amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is huge however I believe the honest answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to truly 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 knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this technique does position a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a change to our Enterprise 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 actually gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Timesheet
I find time and time again the employees often misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous mainly to the client why you ought to be used or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care 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 passed they haven’t added to pensions And so on so it’s a huge impact 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 ten years um Kathy companies are securing insurance versus misclassification but typically premiums are only covering the cost of legal fees whilst the average claim evaluated against employers relates to to 40 or half of the base salary of employee exists any point in securing 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 penalty and interest for the most part I have not seen it at least so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK