Handling payroll globally is a difficult job … Papaya Global Limited…
publicly 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 likewise considerable legal expenses there’s there’s other charges there’s other costs behind that as well so the overall expense can be very considerable in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so incorrect is actually simply the rules are complex and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of uncertainty among companies on what it actually suggests and how you handle it most employers are simply not aware of the rules and and act as if the the guidelines 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 category perspective okay thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the worker Papaya Global Is Currently In Use In Another Application particularly when it pertains to their own tax liabilities social security and advantages for instance jury and clearly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Limited
Over the last 5 or six years …Papaya Global Limited… functions on the company side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic 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 efficiently firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they include more complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely fundamental there’s no genuine consistency structure we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide organizations have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what does not need to be included ideal and what does
it need to be thought about there’s varying 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some children 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 acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and financing teams work closer together than ever um I’m always astonished when people 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 an industry accept that why our payroll and payments so typically 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to type of the level of complexity there’s increasingly more benefits being organ or being used by companies across the world so once again you’re just wanting to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger an organization 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 groups feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age 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 challenging as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from an expense perspective from an impact perspective on employees it is absolutely critical 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 most significant damaging effect on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everybody 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 stuff is absolutely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a terrific initial step um providing an end-to-end payroll solution for your employees internationally again I think is another huge um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of services and lowering the number of tools platforms and bank accounts 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t believe any of us are in fact 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 simple as possible for everybody that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na say think of 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 numerous thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean up 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 attempt to look through them and actually see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies select to main separate checking account there are Papaya Global Limited businesses out there doing exactly this for specific countries and I have actually operated in a service or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anybody 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 standard I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions 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 the people have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing however eventually individuals are extremely stuck with what they recognize
with ideal um modification is a hard thing we all do not like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving several bank accounts but there’s a big amount of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is big however I believe the truthful answer is change um people haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits 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 keep an eye on and this method does posture numerous obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I simply did you switched our Business 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 Limited
I find time and time again the employees typically misclassified unknowingly they do not understand the conditions of work or contract and are told by the customer why it’s most advantageous generally to the client why you need to be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits 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 huge impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage against misclassification but generally premiums are only covering the expense of legal charges whilst the typical claim assessed versus companies equates to to 40 or half of the base salary of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in many 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK