Handling payroll worldwide is a complicated task … Papaya Global Department Is Currently In Use Could Not Delete…
publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s also considerable legal costs there exists’s other penalties there’s other costs behind that too so the overall cost can be extremely considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so incorrect is truly just the rules are intricate and they’re altering all the time believe ir-35 in the UK which has been an ongoing development for numerous years now and and still a lot of uncertainty amongst companies on what it truly indicates and how you deal with it most employers are merely not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a category point of view fine thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the staff member How To Process Pension Refund In Papaya Global particularly when it concerns their own tax liabilities social security and advantages for example jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Department Is Currently In Use Could Not Delete
Over the last five or 6 years …Papaya Global Department Is Currently In Use Could Not Delete… functions on the provider side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type 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 sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also go over a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes more and more complicated Worldwide companies are looking to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment perspective lots of companies keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different bank accounts sometimes in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a tactical property.
due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently result in manual processes, information silos, and a lack of integration, causing inconsistencies and ineffectiveness. In spite of living in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and services to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a company invests in international payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly 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 incorrect place the typical 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 money worldwide payroll and payments don’t run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what does not need to be consisted of right and what does
it require to be considered there’s varying 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by companies throughout the world so once again you’re simply aiming to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however 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 require to produce additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any service has from an expense perspective from an impact point of view on employees it is definitely critical that it’s done correctly 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 most significant harmful impact on individuals’s wellness and many other elements if people aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your employees globally again I believe is another substantial um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and savings account they require 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 don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how crucial a role 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do companies pick to main different savings account there are Papaya Global Department Is Currently In Use Could Not Delete companies out there doing precisely this for specific nations and I have actually worked in a business or many companies doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anyone that’s managing 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 many factors one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions however 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 adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing however ultimately individuals are extremely stuck with what they recognize
with best um modification is a challenging thing all of us do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping several savings account but there’s a big quantity of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the honest answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture a number of challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Department Is Currently In Use Could Not Delete
I discover time and time again the workers typically misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the client why you ought to be employed 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 numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not contributed to pensions Etc so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are securing insurance coverage versus misclassification however typically premiums are just covering the cost of legal costs whilst the average claim assessed against employers relates to to 40 or half of the base salary of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK