Managing payroll worldwide is a difficult job … Papaya Global Version 29…
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 revealed settlements there’s also substantial legal costs there exists’s other charges there’s other costs behind that as well so the total cost can be really significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is truly just the rules are intricate and they’re changing 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 unpredictability amongst companies on what it really suggests and how you deal with it most companies are merely not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category viewpoint alright thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what results can this have on the employee Papaya Global Hr 100M Capital especially when it pertains to their own tax liabilities social security and advantages for instance jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Version 29
Over the last five or 6 years …Papaya Global Version 29… functions on the company side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join we all 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 everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 extremely very uninspiring 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 challenge years of managing Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also discuss a recap which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them ends up being more and more complicated Global companies are wanting to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint many companies maintain different savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different checking account often in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business streamline the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a troublesome job into a tactical property.
due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual processes, data silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and options to streamline and enhance international payroll payments.
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 data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international services have actually expressed that they don’t 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 poor HCM data information entry mistakes improperly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the data is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of best and what does
it require 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is definitely important but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of progress with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies across the world so again you’re simply wanting to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details 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 necessarily require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost point of view from an effect viewpoint on staff members it is definitely vital that it’s done correctly and on time so what we mean 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 harmful result on individuals’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 things is definitely important that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll option for your workers globally once again I believe is another big um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of services and decreasing the number of tools platforms and bank accounts 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean up all those up for sure oh definitely I can’t imagine 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 actually see what was going on and type of try to get back to everybody so moving on look why do business choose to main different checking account there are Papaya Global Version 29 businesses out there doing precisely this for specific nations and I’ve operated in a company or lots of services doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anyone that’s dealing with 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 lots of factors one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering but ultimately people are really stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping numerous checking account but there’s a huge quantity of intricacy chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial however I think the honest response is change um individuals have not had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know 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 benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or so there is a lot to monitor and this approach does present numerous obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise 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 Global workers you deserve a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Version 29
I find time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you must be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions Etc so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance against misclassification but usually premiums are just covering the cost of legal fees whilst the average claim examined versus employers relates to to 40 or 50 percent of the base pay of employee exists any point in getting insurance coverage 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 haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are saying 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