Handling payroll internationally is a daunting job … Papaya Global Learning Literature…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also substantial legal expenses there’s there’s other penalties there’s other expenses behind that too so the overall cost can be very considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong is really simply the rules are complex and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a great deal of unpredictability amongst business on what it really indicates and how you deal with it most companies are merely not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a classification perspective fine thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the staff member Papaya Global Pitchbook especially when it comes to their own tax liabilities social security and benefits for example jury and obviously the workers the other side of the coin
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Over the last 5 or 6 years …Papaya Global Learning Literature… roles on the supplier side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays 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 everybody is um it’s nice to to type of like see where everybody comes from and I really 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 drizzling here it’s very very gloomy and I want I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they add additional intricacy the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming variety of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely extremely standard there’s no genuine consistency framework we’re residing 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 often with pen and paper and that just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors inadequately interacted 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 incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not require to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely basic and innovation is permitting us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being used by services throughout the world so once again you’re just aiming to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or real difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger 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 information into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost point of view from an effect perspective on staff members it is absolutely vital 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 impact on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a terrific primary step um supplying an end-to-end payroll service for your employees internationally once again I believe is another huge um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of businesses and decreasing the number of tools platforms and checking account they need for their Worldwide 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how essential 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 everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting 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 need days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everyone so carrying on look why do business select to primary separate checking account there are Papaya Global Learning Literature businesses out there doing exactly this for particular countries and I have actually worked in a business or lots of businesses doing precisely that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering but ultimately people are really stuck with what they recognize
with right um change is a tough thing all of us do not like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping numerous bank accounts but there’s a huge amount of complexity chooses establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is big however I believe the honest response is change um people have not had the ability to change or haven’t had always the understanding to really 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 know and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to track and this method does posture numerous difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
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I discover time and time again the workers often misclassified unconsciously they do not understand the conditions of employment or agreement and are informed by the client why it’s optimum generally to the customer why you should be used or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker 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 haven’t added to pensions And so on so it’s a big effect that they never ever knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage against misclassification but generally premiums are just covering the cost of legal fees whilst the average claim assessed against employers corresponds to to 40 or 50 percent of the base salary of employee exists any point in taking out 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 charge and interest in many 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 stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK