Managing payroll globally is a challenging job … Papaya Global University…
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 likewise considerable legal expenses there’s there’s other charges there’s other expenses behind that also so the total cost can be really significant in the tens of countless dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is truly just the rules are complex and they’re changing all the time think ir-35 in the UK which has been a continuous advancement for several years now and and still a lot of unpredictability among companies on what it actually means and how you handle it most employers are merely not aware of the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a category point of view fine 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 employee Papaya Global Manual specifically when it comes to their own tax liabilities social security and advantages for example jury and certainly the employees the opposite of the coin
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Over the last 5 or six years …Papaya Global University… functions on the supplier side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them ends up being increasingly more intricate International organizations are looking to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment standpoint many companies keep different bank account just for payroll while some have several accounts in different countries does it make sense for business to keep different savings account often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business improve the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a challenging job into a tactical asset.
due to numerous policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and a lack of integration, leading to disparities and inadequacies. Regardless of residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and solutions to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can cause 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 procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend 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 challenges service face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be consisted of right 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 timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by services throughout the world so again you’re just aiming to add increasingly more payments to this currently complex 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 difficulties or genuine tough sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era 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 concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense point of view from an effect perspective on employees it is absolutely crucial that it’s done correctly and on time so what we suggest 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 harmful impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been astonished entering this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally also. For that reason, it is vital to guarantee that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first International Payments very first payroll payment solution is an excellent initial action towards offering a thorough payroll service for workers worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and bank accounts necessary for worldwide payroll are key factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow we understand how how important a role 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 involved in those processes and also so envision sorry I’m just I was just gon na say imagine 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 discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely 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 browse them and really see what was going on and type of shot to get back to everyone so moving on look why do business choose to primary separate bank accounts there are Papaya Global University services out there doing precisely this for particular countries and I’ve operated in an organization or numerous services doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and any person that’s handling 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 amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a new savings 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck to what they’re familiar
with right um modification is a hard thing all of us don’t like change um so I think it’s simply type 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 undoubtedly the advantages of having maintaining several bank accounts however there’s a substantial amount of complexity goes with establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is big however I think the sincere response is change um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep track of and this approach does posture numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global University
I find time and time again the workers typically misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the customer why it’s most advantageous primarily to the customer why you need to be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not added to pensions And so on so it’s a big impact that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are securing insurance versus misclassification but generally premiums are only covering the cost of legal fees whilst the average claim evaluated against employers corresponds to to 40 or half of the base pay of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in most cases I have not seen it at least so uh the the other location that I do think 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 truth that you were not in compliance with laws um in the UK