Handling payroll worldwide is an overwhelming job … Malaysia Papaya Global…
openly 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 costs there’s there’s other penalties there’s other expenses behind that too so the overall expense can be extremely significant in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so wrong is really just the rules are intricate and they’re changing all the time think ir-35 in the UK which has been a continuous development for numerous years now and and still a lot of uncertainty amongst companies on what it actually suggests and how you handle it most employers are just not familiar with the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a category viewpoint okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the employee Papaya Global Hr specifically when it pertains to their own tax liabilities social security and benefits for example jury and obviously the employees the other side of the coin
How much revenue does the company make? Malaysia Papaya Global
Over the last five or 6 years …Malaysia Papaya Global… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well among 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 interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates 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 extremely very bleak and I wish I was somewhere else at this moment in time okay 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 Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also discuss a recap which must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them becomes a growing number of intricate Worldwide organizations are aiming to discover Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment viewpoint many companies preserve separate checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different savings account in some cases in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a tactical asset.
due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large number of workers and companies adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, causing disparities and inadequacies. In spite of residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to supply insights and options to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in global payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of best and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however likewise 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 more and more benefits being organ or being used by organizations across the world so once again you’re just wanting to include more and more payments to this already complicated landscape so if you type 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 difficulties or genuine difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments works 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 managing 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 understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact perspective on workers it is absolutely crucial that it’s done properly 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 result on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this kind of webinar has actually been informed 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 but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a great primary step um providing an end-to-end payroll option for your workers worldwide once again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of services and lowering the number of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t believe any of us are really 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 associated with those processes and also so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and type of try to get back to everyone so carrying on appearance why do companies choose to primary different checking account there are Malaysia Papaya Global businesses out there doing precisely this for specific countries and I have actually operated in a business or lots of services doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe individuals have got so utilized to we require a new checking account we open an entity and rightly 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 requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing however eventually individuals are very stuck to what they’re familiar
with best um change is a challenging thing we all do not like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining numerous checking account however there’s a substantial amount of complexity chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is substantial but I believe the sincere response is change um people have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to monitor and this method does posture numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just 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 feels like our CFO has gained another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Malaysia Papaya Global
I find time and time again the workers frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the client why it’s most advantageous mainly to the customer why you should be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions And so on so it’s a big impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance coverage versus misclassification however normally premiums are only covering the cost of legal costs whilst the average claim examined versus companies equates to to 40 or half of the base pay of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest in many cases I have not seen it a minimum of 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 pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK