Managing payroll globally is a daunting task … Papaya Global Uganda…
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 likewise substantial legal costs there exists’s other charges there’s other expenses behind that as well so the total expense can be really significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is truly simply the rules are complicated and they’re changing 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 among business on what it really means and how you deal with it most employers are just not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a classification viewpoint alright thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what results can this have on the worker How Early Do I Need To Submit Payroll In Papaya Global particularly when it concerns their own tax liabilities social security and advantages for instance jury and undoubtedly the workers the opposite of the coin
How much revenue does the company make? Papaya Global Uganda
Over the last five or 6 years …Papaya Global Uganda… roles on the provider side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort 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 really extremely dreary and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. 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 asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and find how enhancing global payroll payments can transform them from a troublesome job into a strategic possession.
due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems often result in manual processes, data silos, and a lack of combination, leading to disparities and inefficiencies. Regardless of residing in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on international payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included right and what does
it require to be thought about there’s differing Bank information 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m always impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s increasingly more advantages being organ or being used by businesses throughout the world so once again you’re just wanting to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an impact point of view on staff members it is definitely important 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 need to be done right it has the greatest detrimental impact on individuals’s wellness and many other elements if people aren’t paid uh I have actually always been impressed entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody 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 likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic initial step um providing an end-to-end payroll solution for your workers internationally once again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely 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 terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of 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 kind of try to get back to everyone so proceeding appearance why do companies select to main separate savings account there are Papaya Global Uganda services out there doing precisely this for particular countries and I’ve worked in a service or lots of businesses doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s managing 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 believe many reasons one is it’s the standard I believe people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually adopted 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 sort of do it so I believe there’s a range I think this is a process that requires taking a look at it needs altering but eventually individuals are really stuck with what they’re familiar
with ideal um modification is a difficult thing we all do not like modification um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping several bank accounts but there’s a big amount of complexity opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is big but I think the sincere answer is modification um individuals have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a range 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 seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Uganda
I find time and time again the workers typically misclassified unknowingly they don’t understand the conditions of work or contract and are told by the customer why it’s optimum mainly to the customer why you must be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be impacted and a number of 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 contributed to pensions Etc so it’s a big impact that they never ever 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 securing insurance versus misclassification but usually premiums are only covering the expense of legal charges whilst the typical claim examined versus companies equates to to 40 or half of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK