Handling payroll worldwide is a difficult job … Papaya Global Tutorial 2014…
openly announced 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 substantial legal expenses there’s there’s other penalties there’s other expenses behind that also so the overall 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 incorrect is actually simply the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a lot of unpredictability amongst business on what it actually means and how you handle it most employers 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 viewpoint alright thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the worker Papaya Global Survey specifically when it comes to their own tax liabilities social security and advantages for example jury and clearly the workers the other side of the coin
How much revenue does the company make? Papaya Global Tutorial 2014
Over the last five or 6 years …Papaya Global Tutorial 2014… functions on the supplier side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 really gloomy and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession 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 precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include more complexity the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s frequently a frustrating number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency framework we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors poorly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be included right and what does
it need to be considered there’s varying Bank information 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 definitely fundamental and technology is enabling us to sort of move on with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to add to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just looking to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or genuine challenging type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the bigger 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 groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense perspective from an impact point of view on staff members it is absolutely important 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 greatest detrimental result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just discover when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the very first International Payments very first payroll payment option is a fantastic initial step towards supplying a thorough payroll option for workers worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts needed for global payroll are key factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we understand how how crucial a role 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 processes and also so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of shot to get back to everyone so proceeding look why do companies choose to main different checking account there are Papaya Global Tutorial 2014 organizations out there doing precisely this for particular countries and I’ve worked in a service or many businesses doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t have 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 think numerous factors one is it’s the standard I think people have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people 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 lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering however ultimately individuals are extremely stuck to what they’re familiar
with ideal um modification is a difficult thing we all don’t like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving numerous savings account but there’s a big amount of complexity goes with establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is substantial however I think the sincere response is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to monitor and this method does position a number of challenges um so Johnny might you inform 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 tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Tutorial 2014
I discover time and time again the employees typically 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 customer why you should be used or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 big impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance against misclassification however normally premiums are only covering the expense of legal fees whilst the typical claim examined against employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in securing insurance 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 most cases I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the protection 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 truth that you were not in compliance with laws um in the UK