Handling payroll internationally is a daunting job … Papaya Global Fintech…
publicly announced 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 also significant legal expenses there’s there’s other charges there’s other expenses behind that as well so the overall cost can be very considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is actually just the guidelines are complex and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for numerous years now and and still a lot of unpredictability amongst business on what it really indicates and how you handle 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 extremely proactive as you’re engaging uh workers from a classification perspective all right 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 worker Why Are Papaya Global Payroll Hours In Blie especially when it concerns their own tax liabilities social security and benefits for instance jury and obviously the employees the opposite of the coin
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Over the last five or 6 years …Papaya Global Fintech… roles on the company side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s drizzling here it’s really really gloomy and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise go over a recap which ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them becomes a growing number of complex International companies are aiming to find Solutions and new methods to improve procedures specifically from a payroll and cross-border payment standpoint lots of companies keep separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to keep different checking account in some cases in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies streamline the episode complex processes of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to enhance working capital, and discover how improving worldwide payroll payments can change them from a troublesome job into a strategic possession.
due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inadequacies. Despite living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and services to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the necessary 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 organization face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be included best and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to type of the level of intricacy there’s a growing number of advantages being organ or being used by businesses throughout the world so once again you’re just looking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce extra 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 need to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an effect viewpoint on staff members it is absolutely crucial that it’s done properly 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 destructive effect on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll service for your employees internationally once again I think is another substantial um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we understand how how important a role it is and that’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 everybody that’s involved in those procedures and also so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many 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 picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everybody so moving on appearance why do business pick to primary different checking account there are Papaya Global Fintech services out there doing exactly this for specific countries and I’ve operated in a service or many services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anyone 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 think many reasons one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and rightly 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 simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing but eventually individuals are really stuck to what they recognize
with right um modification is a difficult thing all of us do not like change um so I believe 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 comprehend obviously the advantages of having keeping multiple savings account however there’s a huge amount of complexity opts for setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge however I believe the truthful answer is modification um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly 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 could almost be figured out to be the next Century or so there is a lot to track and this technique does present numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Fintech
I discover time and time again the employees typically misclassified unknowingly they don’t comprehend the conditions of work or contract and are told by the customer why it’s optimum mainly to the customer why you should be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care 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 gone by they haven’t contributed to pensions And so on so it’s a big effect that they never 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 ten years um Kathy companies are taking out insurance against misclassification but generally premiums are just covering the cost of legal fees whilst the average claim assessed versus companies relates to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest most of the times I haven’t 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 protection on the basis of the reality that you were not in compliance with laws um in the UK