Managing payroll globally is a daunting job … Papaya Global Payroll Operations…
publicly 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 expenses there exists’s other penalties there’s other expenses behind that also so the total cost can be very substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is really simply the rules are intricate and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a lot of uncertainty amongst business on what it actually means and how you deal with it most companies are just not knowledgeable about the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a category viewpoint okay thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee Papaya Global Change Backup Location especially when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Payroll Operations
Over the last five or 6 years …Papaya Global Payroll Operations… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I want 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 challenge years of handling International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also go over a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them ends up being a growing number of intricate Global organizations are aiming to find Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment perspective lots of organizations maintain separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate bank accounts sometimes in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business improve the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and discover how enhancing worldwide payroll payments can transform them from a difficult task into a strategic asset.
due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of employees and services contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual processes, data silos, and a lack of combination, causing inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and options to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the required numerous 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 workers or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 anywhere you look right ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by companies across the world so again you’re just looking to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or genuine difficult kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more timely 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 operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact perspective on employees it is definitely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has actually 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 workers or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your staff members globally once again I believe is another substantial um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of companies and decreasing 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 terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate 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 meant to be um I do not believe 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and sort of shot to return to everyone so proceeding look why do business choose to main separate savings account there are Papaya Global Payroll Operations companies out there doing precisely this for specific countries and I’ve operated in a service or many organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but eventually people are really stuck to what they recognize
with right um change is a difficult thing we all do not like modification um so I think 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 stuff um I comprehend certainly the benefits of having maintaining multiple bank accounts but there’s a huge quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is huge however I think the sincere answer is modification um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to track and this approach does pose several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll Operations
I discover time and time again the employees often misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s most advantageous generally to the customer why you must be used or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions And so on so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance against misclassification but normally premiums are only covering the expense of legal fees whilst the average claim evaluated against employers corresponds to to 40 or 50 percent of the base pay of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest most of the times I haven’t 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 reality that you were not in compliance with laws um in the UK