Managing payroll internationally is a complicated job … Papaya Global Hr Software For Cost Reduction…
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 considerable legal costs there’s there’s other penalties there’s other expenses behind that also so the total expense can be really substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is really just the rules are complicated and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for several years now and and still a great deal of unpredictability amongst business on what it really implies and how you handle it most companies are simply not aware of 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 extremely 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 company that suffers in the long run what effects can this have on the worker Papaya Global After First Pension Submission Rates Different particularly when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Hr Software For Cost Reduction
Over the last five or 6 years …Papaya Global Hr Software For Cost Reduction… functions on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just 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 is 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 extremely bleak and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really really standard there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be included right and what does
it need 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 abilities 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 intricacy anywhere you look best ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 definitely fundamental and technology is allowing us to type of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re just looking to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real difficult kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from an expense perspective from an effect point of view on employees it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have 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 have actually always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails however 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 crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great primary step um supplying an end-to-end payroll service for your employees internationally once again I believe is another substantial um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and savings 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how essential 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 state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of try to return to everybody so carrying on appearance why do business pick to primary different checking account there are Papaya Global Hr Software For Cost Reduction businesses out there doing exactly this for specific countries and I have actually worked in a business or many organizations doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering however ultimately individuals are very stuck to what they recognize
with best um change is a tough thing all of us don’t like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining several checking account however there’s a huge amount of intricacy opts for setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big however I believe the honest answer is modification um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change 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 carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to track and this technique does posture a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Hr Software For Cost Reduction
I discover time and time again the employees often misclassified unwittingly they don’t understand the conditions of employment or agreement and are informed by the client why it’s most advantageous generally to the customer why you should be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t contributed to pensions Etc so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance coverage against misclassification but typically premiums are just covering the expense of legal costs whilst the average claim evaluated against companies equates to to 40 or 50 percent of the base salary of employee is there any point in securing 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 charge and interest most of the times I have not seen it at least so uh the the other location 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 stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK