Managing payroll internationally is a challenging job … Papaya Global Tutorial 2013…
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 revealed settlements there’s also significant legal costs there exists’s other charges there’s other expenses behind that as well so the total expense can be extremely significant in the 10s of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is actually simply the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has been a continuous advancement for several years now and and still a great deal of unpredictability amongst companies on what it actually means and how you deal with it most companies are simply not familiar with the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a classification point of view alright thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the staff member Papaya Global Priser specifically when it comes to their own tax liabilities social security and advantages for instance jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Tutorial 2013
Over the last five or six years …Papaya Global Tutorial 2013… roles on the supplier side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays 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 kind of like see where everybody comes from and I actually 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 raining here it’s very very gloomy and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and managing them ends up being a growing number of complex Global companies are seeking to find Solutions and new methods to simplify procedures especially from a payroll and cross-border payment perspective many organizations maintain separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different savings account in some cases in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most significantly regulations compliance information security and banking rules then there are the large numbers they include further complexity the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or very really fundamental there’s no real consistency framework we’re residing in an era 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 frequently with pen and paper and that simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack 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 businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential multiple procedures 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 obstacles service face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if but some babies 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 definitely basic and innovation is enabling us to kind of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure 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 third parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by companies throughout the world so again you’re simply looking to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or genuine tough sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from a cost point of view from an impact viewpoint on workers it is absolutely critical that it’s done correctly and on time so what we indicate 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 destructive effect on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last five 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 been told 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 employees or not um but eventually 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 workout 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 absolutely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a great first step um providing an end-to-end payroll solution for your workers internationally once again I think is another big um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of services and lowering the number 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually 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 involved in those processes and also so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of shot to return to everyone so moving on look why do companies pick to primary separate checking account there are Papaya Global Tutorial 2013 organizations out there doing precisely this for particular countries and I have actually worked in a service or many companies doing exactly that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and anyone that’s managing that procedure 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 many factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering however ultimately individuals are really stuck to what they’re familiar
with ideal um modification is a hard thing we all don’t like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping multiple bank accounts however there’s a huge amount of intricacy opts for establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big but I think the sincere response is change um individuals haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this method does posture several difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I recently made a change to our Business 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 gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Tutorial 2013
I discover time and time again the workers often misclassified unknowingly they don’t understand the conditions of employment or agreement and are told by the client why it’s optimum mainly to the client why you ought to be utilized or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities 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 added to pensions And so on so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage versus misclassification however typically premiums are just covering the cost of legal costs whilst the average claim evaluated against employers relates to to 40 or half of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest for the most part 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 stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK