Managing payroll worldwide is a complicated task … Papaya Global Payroll Commuter Benefits…
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 as well so the total cost can be extremely considerable 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 actually simply the rules are complex and they’re altering all the time believe ir-35 in the UK which has been a continuous development for several years now and and still a lot of uncertainty amongst business on what it actually indicates and how you deal with it most companies are just not aware of the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a category point of view alright thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the worker Ohio Power Of Attorney Papaya Global particularly when it pertains to their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Payroll Commuter Benefits
Over the last 5 or six years …Papaya Global Payroll Commuter Benefits… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I wish I was somewhere else 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 Global payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most notably policies compliance information security and banking rules then there are the large numbers they add additional complexity the international Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 model there’s often an overwhelming number of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really standard there’s no genuine consistency framework we’re residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in international payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global companies have actually revealed 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 bad HCM information information entry mistakes poorly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included ideal and what does
it require to be thought of 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 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 anywhere you look right eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone 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 an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the compensation landscape is becoming increasingly complex. Companies are continuously presenting brand-new advantages and payment options, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically advanced era, there’s no reason for maintaining troublesome treatments. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even slight hold-ups can adversely affect workers’ well-being and have significant effects. Therefore, it’s important to prioritize precise and timely payments.
payroll group get um so I’m not sure anybody on this type 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 staff members or not um but eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a fantastic first step um offering an end-to-end payroll service for your staff members globally once again I think is another big um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and lowering the number of tools platforms and savings account they require for their Worldwide 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyhow 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 everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to get back to everyone so carrying on look why do business pick to main different savings account there are Papaya Global Payroll Commuter Benefits organizations out there doing exactly this for specific countries and I’ve operated in a company or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anybody 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 amount that we are I believe lots of factors one is it’s the requirement I believe people have actually got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have 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 range I believe this is a procedure that needs taking a look at it needs altering but ultimately individuals are extremely stuck with what they recognize
with best um change is a hard thing we all don’t like modification um so I think it’s simply type 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 comprehend undoubtedly the benefits of having preserving several checking account but there’s a substantial amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the sincere response is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but 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 could almost 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 tell 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Commuter Benefits
I find time and time again the employees typically misclassified unknowingly they do not understand the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you must be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care 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 far too late years have gone by they have not contributed to pensions Etc so it’s a huge impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance coverage versus misclassification but typically premiums are just covering the cost of legal charges whilst the average claim examined against companies relates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance 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 most of the times I have not seen it at least 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 reality that you were not in compliance with laws um in the UK