Managing payroll worldwide is a difficult job … Papaya Global V27 Download…
openly 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 also significant legal expenses there’s there’s other penalties there’s other expenses behind that as well so the total cost can be really substantial in the tens of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is actually just the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a lot of unpredictability among business on what it truly means and how you deal with it most companies are simply not familiar with the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a classification point of view okay 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 Cayman Islands particularly when it pertains to their own tax liabilities social security and advantages for instance jury and clearly the employees the opposite of the coin
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Over the last 5 or six years …Papaya Global V27 Download… roles on the provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly 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 extremely extremely gloomy and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also go over a recap which needs to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and managing them ends up being more and more complex Worldwide companies are seeking to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective many organizations maintain separate checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to preserve different savings account often in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 frequently an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency structure we’re residing in an age of tech however payroll has 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 whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought of there’s differing Bank information 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 essential and technology is permitting us to type of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by services across the world so once again you’re just aiming to include more and more payments to this already 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 challenges or real challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly state that the larger a service 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 details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from a cost viewpoint from an effect point of view on employees it is absolutely important 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 greatest destructive result on people’s wellness and many other elements if people aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually been informed 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 staff members or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll solution for your staff members worldwide again I think is another substantial um process again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of services and decreasing the variety of tools platforms and checking account they require for their International 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 have actually never 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 problems where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everybody that’s involved in those procedures and also so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh definitely 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 try to check out them and actually see what was going on and sort of try to get back to everyone so carrying on look why do business choose to primary separate bank accounts there are Papaya Global V27 Download companies out there doing precisely this for specific nations and I have actually operated in a company 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 producing extra work for any person where we do not need to and anybody that’s managing that process 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 factors one is it’s the standard I believe individuals have got so used to we need a new checking account we open an entity and appropriately 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 norm individuals have embraced 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 numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs altering however eventually people are extremely stuck with what they’re familiar
with best um change is a challenging thing all of us don’t like change um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple bank accounts but there’s a substantial amount of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is big however I believe the sincere response is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to actually 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 knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this approach does position several difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
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I discover time and time again the employees typically misclassified unconsciously they do not understand the conditions of employment or agreement and are informed by the customer why it’s optimum mainly to the customer why you need to be utilized or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care 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 too late years have gone by they have not contributed to pensions And so on so it’s a huge effect that they never understood 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 ten years um Kathy business are getting insurance coverage versus misclassification however typically premiums are only covering the cost of legal costs whilst the average claim evaluated versus employers corresponds to to 40 or half of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty 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 truth that you were not in compliance with laws um in the UK