Handling payroll internationally is a daunting task … Papaya Global 50 J Lllllllllllllllll…
openly announced 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 expenses there’s there’s other penalties there’s other expenses behind that also so the overall 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 incorrect is really simply the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a lot of uncertainty among companies on what it truly indicates and how you handle it most employers are merely 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 very proactive as you’re engaging uh employees from a classification point of view fine thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the worker Papaya Global Monthly Dates specifically when it concerns their own tax liabilities social security and advantages for instance jury and certainly the employees the other side of the coin
How much revenue does the company make? Papaya Global 50 J Lllllllllllllllll
Over the last 5 or 6 years …Papaya Global 50 J Lllllllllllllllll… roles on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep different
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses 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 challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is currently 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 consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming variety of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely fundamental there’s no genuine consistency framework we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to offer you a concept 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 offers me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed multiple processes 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 challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and state what is it what does not need to be included right and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to kind of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals 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 profession 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so once again you’re just aiming to include more and more payments to this currently intricate landscape so if you type 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 challenges or real challenging sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger 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 groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect perspective on workers it is absolutely crucial 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 damaging result on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been astonished entering this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has been informed 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 staff members or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees worldwide again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and decreasing the number 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five 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 don’t think any of us are actually doing that for for the thanks
anyway 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 everyone that’s involved in those processes and likewise so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job 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 check out them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do business pick to primary separate savings account there are Papaya Global 50 J Lllllllllllllllll services out there doing exactly this for particular countries and I’ve operated in a company or many businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think 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 functions but there are a variety 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 add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing but eventually people are really stuck with what they’re familiar
with right um modification is a difficult thing all of us don’t like modification 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 great deal of track of stuff um I understand obviously the advantages of having maintaining several checking account but there’s a huge quantity of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big but I believe the truthful answer is change um people haven’t been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep track of and this approach does position a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Business 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 Worldwide workers you deserve a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 50 J Lllllllllllllllll
I find time and time again the workers frequently misclassified unwittingly they don’t understand the conditions of work or agreement and are informed by the client why it’s optimum mainly to the client 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 health care privileges 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 actually passed they have not added to pensions And so on so it’s a big effect that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance against misclassification but normally premiums are only covering the cost of legal fees whilst the average claim evaluated versus employers equates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other location that I do think 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 reality that you were not in compliance with laws um in the UK