Managing payroll internationally is an overwhelming task … Papaya Global Gmail Email…
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 considerable legal expenses there’s there’s other charges there’s other expenses behind that also so the overall cost can be extremely substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason business are getting it so wrong is truly simply the guidelines are intricate and they’re changing all the time believe ir-35 in the UK which has been a continuous development for several years now and and still a lot of uncertainty amongst companies on what it actually implies and how you deal with it most companies are simply 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 really proactive as you’re engaging uh employees from a category perspective okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the staff member Papaya Global Atlanta Ga particularly when it concerns their own tax liabilities social security and benefits for instance jury and clearly the workers the opposite of the coin
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Over the last 5 or 6 years …Papaya Global Gmail Email… roles on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone 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 kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually 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 really very uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them ends up being increasingly more intricate Global organizations are wanting to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint many companies maintain separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep different bank accounts sometimes in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s often an overwhelming number of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really very standard there’s no real consistency framework we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly 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 errors are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be consisted of best and what does
it require to be considered there’s differing Bank information 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of progress with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is becoming significantly elaborate. Companies are constantly introducing brand-new advantages and payment options, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly innovative era, there’s no justification for preserving troublesome treatments. Payroll, the company’s biggest expense, must be processed properly and on time. Even slight delays can adversely impact workers’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on accurate and prompt payments.
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told 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 workers or not um but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply 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 things is absolutely essential that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent first step um providing an end-to-end payroll option for your workers worldwide once again I think is another huge um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of services and lowering the variety of tools platforms and savings account they need for their Global 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 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 rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state think of 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 talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to return to everybody so proceeding look why do business choose to primary different savings account there are Papaya Global Gmail Email services out there doing exactly this for specific nations and I’ve worked in a company or many organizations doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anyone that’s managing 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 requirement I believe individuals have got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck with what they’re familiar
with right um change is a hard thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several bank accounts but there’s a big quantity of intricacy goes with setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is substantial however I think the sincere answer is change um people haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does present several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Gmail Email
I find time and time again the workers often misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the client why it’s optimum generally to the client why you need to be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and several 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 added to pensions And so on so it’s a big impact that they never understood they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance coverage against misclassification however usually premiums are just covering the cost of legal charges whilst the typical claim assessed versus companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other area 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 stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK