Handling payroll globally is a difficult job … Papaya Global Training Courses Glasgow…
publicly 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 substantial legal expenses there’s there’s other penalties there’s other costs behind that as well so the total cost can be extremely considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason why business 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 advancement for numerous years now and and still a lot of uncertainty amongst business on what it really means and how you deal with it most employers are just not knowledgeable about the rules and and act as if the the guidelines 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 classification perspective 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 staff member Papaya Global Paypal particularly when it concerns their own tax liabilities social security and benefits for example jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Training Courses Glasgow
Over the last five or six years …Papaya Global Training Courses Glasgow… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone 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 rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort 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 raining here it’s very extremely gloomy and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a recap which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them ends up being increasingly more complicated International companies are looking to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint lots of organizations keep different checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different savings account often in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business improve the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity 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 additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely standard there’s no real consistency framework we’re residing in a period of tech however payroll has been slow 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 a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on global payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what does not need to be included best and what does
it need 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 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 client’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m always impressed when people state I’ve split 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 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming progressively complex. Organizations are constantly introducing brand-new advantages and payment choices, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically innovative period, there’s no reason for preserving troublesome procedures. Payroll, the company’s biggest cost, must be processed correctly and on time. Even small hold-ups can negatively impact staff members’ wellness and have significant effects. For that reason, it’s important to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong 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 also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is a great first step um supplying an end-to-end payroll option for your staff members globally once again I think is another substantial um process again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect 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 don’t think any of us are in fact doing that for for the thanks
anyhow we understand 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 everybody that’s associated with those processes and also so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so carrying on appearance why do business select to main different savings account there are Papaya Global Training Courses Glasgow services out there doing exactly this for particular countries and I have actually worked in an organization or lots of companies doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not have to and anybody 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 reasons one is it’s the standard I think people have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing however eventually people are really stuck with what they recognize
with best um change is a hard thing we all do not 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 lot of track of stuff um I understand obviously the benefits of having maintaining numerous checking account but there’s a big amount of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge however I think the truthful response is change um people haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I just 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 International workers you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Training Courses Glasgow
I find time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous generally to the customer why you should be employed or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions Etc so it’s a huge impact that they never knew they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance against misclassification but usually premiums are just covering the cost of legal charges whilst the average claim examined versus companies equates to to 40 or half of the base salary of employee is there 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 charge and interest in most 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 stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK