Handling payroll worldwide is a complicated task … Https Papaya Global.Zendesk.Com Agent Tickets 33536…
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 announced settlements there’s likewise substantial legal expenses there exists’s other charges there’s other costs behind that also so the total expense can be really substantial in the tens of countless dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is actually just the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a lot of uncertainty amongst companies on what it truly suggests and how you handle it most employers are just 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 extremely proactive as you’re engaging uh workers from a classification point of view okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what results can this have on the employee Papaya Global Employee Pay To Date specifically when it pertains to their own tax liabilities social security and advantages for instance jury and clearly the employees the opposite of the coin
How much revenue does the company make? Https Papaya Global.Zendesk.Com Agent Tickets 33536
Over the last five or 6 years …Https Papaya Global.Zendesk.Com Agent Tickets 33536… functions on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly 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 very very bleak 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 taking a look at the challenge years of managing Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also go over a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends 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 ends up being increasingly more intricate Worldwide organizations are looking to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective lots of companies maintain separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to maintain separate savings account in some cases in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s often an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no real consistency framework 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 typically with pen and paper and that just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the data is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the essential numerous 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 difficulties business face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what does not 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely basic and technology is allowing us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 eventually 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 3rd parties so with the
world we reside in and well-being being more and more crucial to add to type of the level of complexity there’s a growing number of benefits being organ or being provided by organizations throughout the world so again you’re simply looking to include increasingly more payments to this already intricate landscape so if you type 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 difficulties 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 certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need 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 need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost perspective from an impact perspective on staff members it is definitely vital 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 have to be done right it has the most significant destructive result on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been surprised entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 stuff is definitely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a great primary step um offering an end-to-end payroll service for your staff members worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of companies and decreasing the variety of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 associated with those processes and likewise so imagine sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision 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 kind of try to return to everybody so proceeding look why do business choose to primary separate bank accounts there are Https Papaya Global.Zendesk.Com Agent Tickets 33536 organizations out there doing precisely this for specific nations and I’ve worked in an organization or numerous businesses doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not 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 quantity that we are I believe lots of factors one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing however ultimately individuals are really stuck to what they recognize
with best um modification is a difficult thing all of us don’t like modification um so I think it’s simply kind 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 understand obviously the benefits of having maintaining several bank accounts but there’s a big quantity of intricacy goes with establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the intricacy is big but I believe the honest answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this method does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I just did you changed our Enterprise 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 staff members you should have a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Https Papaya Global.Zendesk.Com Agent Tickets 33536
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of employment or contract and are told by the client why it’s optimum generally to the client why you must be used or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added 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 say the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance coverage against misclassification but normally premiums are just covering the expense of legal charges whilst the average claim examined against companies corresponds to to 40 or 50 percent of the base pay of worker 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 in most cases I have not seen it at least so uh the the other area that I do think 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK