Managing payroll globally is a difficult job … Papaya Global Small Employers Relief…
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 likewise substantial legal expenses there’s there’s other charges there’s other costs behind that also so the overall expense can be extremely substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is truly just the rules are complicated and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing development for numerous years now and and still a lot of uncertainty amongst companies on what it really indicates and how you handle it most companies are simply not familiar with the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a category perspective alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the staff member Papaya Global New Company Grey specifically when it comes to their own tax liabilities social security and advantages for example jury and clearly the workers the opposite of the coin
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Over the last five or six years …Papaya Global Small Employers Relief… roles on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of 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 quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 raining here it’s very very uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll design there’s typically a frustrating number of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really really standard there’s no genuine consistency framework we’re residing in an age of tech but 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 and that simply blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a service spends on international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they do not 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 bad HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and say 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 ideal eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if however 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 definitely fundamental and innovation is permitting us to sort of progress with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of data 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 wellness being more and more important to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine tough kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period 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 challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest destructive impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody 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 likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll solution for your staff members worldwide again I think is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they require for their Global 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how essential 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 easy as possible for everyone that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and sort of shot to return to everybody so moving on appearance why do companies select to primary separate bank accounts there are Papaya Global Small Employers Relief companies out there doing precisely this for particular countries and I’ve worked in a service or many organizations doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing however eventually people are really stuck to what they’re familiar
with best um change is a hard thing we all do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving multiple checking account however there’s a substantial amount of complexity chooses setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial but I believe the truthful response is change um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to monitor and this method does pose numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I 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 feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Small Employers Relief
I find time and time again the workers often misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s optimum generally to the client why you need to be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits 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 passed they have not added to pensions Etc so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance versus misclassification however usually premiums are just covering the cost of legal fees whilst the typical claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in getting 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 charge and interest in many cases I haven’t seen it at least so uh the the other area 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK