Managing payroll internationally is a challenging job … Papaya Global Mobile App…
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 announced settlements there’s likewise substantial legal expenses there’s there’s other penalties there’s other expenses behind that as well so the overall expense can be very significant in the tens of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong is actually just the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of uncertainty amongst business on what it really indicates and how you handle it most companies are simply not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category point of view fine 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 staff member Papaya Global Missing Sit Id For New Jersey particularly when it pertains to their own tax liabilities social security and benefits for example jury and clearly the workers the opposite of the coin
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Over the last five or six years …Papaya Global Mobile App… roles on the company side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just 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 intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates 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 very extremely gloomy and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance data security and banking rules then there are the large numbers they include more complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming number of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really standard there’s no genuine consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then 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 when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included best and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you 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 basic and technology is enabling us to type of move on with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by services across the world so once again you’re just looking to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely 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 task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my opinion 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 run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect perspective on employees it is absolutely critical 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 need to be done right it has the greatest destructive impact on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. For that reason, it is vital to ensure that tasks like Wi-Fi International and other important matters are done properly. Using the first Worldwide Payments first payroll payment option is an excellent initial step towards providing a comprehensive payroll solution for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account necessary for worldwide payroll are key factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
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 simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying 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 look through them and actually see what was going on and sort of try to return to everyone so proceeding appearance why do business choose to primary different bank accounts there are Papaya Global Mobile App businesses out there doing exactly this for specific countries and I’ve worked in an organization or lots of services doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not need to and any person 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 believe many factors one is it’s the standard I think individuals have actually got so utilized to we need a new bank account we open an entity and appropriately 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 standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing however eventually people are extremely stuck to what they’re familiar
with ideal um change is a challenging thing all of us don’t like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving multiple bank accounts however there’s a huge quantity of intricacy chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is substantial but I think the truthful response is modification um people have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep track of and this method does pose a number of challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Mobile App
I find time and time again the employees frequently misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s most advantageous primarily to the client why you must be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they have not contributed to pensions Etc so it’s a big effect that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance against misclassification however normally premiums are only covering the cost of legal charges whilst the average claim assessed against employers equates to to 40 or 50 percent of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other area 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK