Handling payroll worldwide is a daunting job … Papaya Global Timesheet Entry…
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 revealed settlements there’s also significant legal costs there’s there’s other penalties there’s other costs behind that too so the total cost can be very considerable in the 10s of countless dollars or more and and those quantities are growing uh the reason business are getting it so wrong is actually simply the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has actually been a continuous development for numerous years now and and still a great deal of unpredictability among business on what it really means and how you handle it most employers are just not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a classification perspective all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the worker Papaya Global Training Bristol particularly when it pertains to their own tax liabilities social security and benefits for example jury and clearly the workers the other side of the coin
How much revenue does the company make? Papaya Global Timesheet Entry
Over the last five or 6 years …Papaya Global Timesheet Entry… roles on the provider side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type 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 sort of like see where everybody originates from and I truly 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 extremely very dreary and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and handling them becomes more and more intricate Worldwide organizations are wanting to discover Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment standpoint numerous companies keep different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate savings account in some cases in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they add further intricacy 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 people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s typically a frustrating number of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely extremely basic there’s no genuine consistency structure we’re residing in an age 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 which simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend on the necessary multiple procedures 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 employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of move on with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work better together than ever um I’m constantly amazed when people state 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 occupation would they divide the payroll payment from computation 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by services across the world so once again you’re just seeking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details 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 does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an era 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 rightly as you stated payroll is the single greatest liability that any company has from a cost perspective from an effect viewpoint on staff members it is absolutely vital 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 need to be done right it has the greatest damaging effect on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been surprised entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout 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 definitely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is an excellent initial step um offering an end-to-end payroll solution for your staff members worldwide once again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and minimizing the variety of tools platforms and bank accounts they require for their Worldwide 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyway we understand 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 involved in those procedures and also so think of sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everyone so carrying on appearance why do business select to primary different savings account there are Papaya Global Timesheet Entry companies out there doing exactly this for specific countries and I’ve worked in a company or lots of services doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and any person that’s handling 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 think numerous factors one is it’s the requirement I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing however ultimately people are really stuck to what they’re familiar
with best um change is a challenging thing we all do not like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple checking account however there’s a substantial quantity of intricacy opts for setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge however I think the sincere answer is modification um individuals haven’t 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 think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined 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 might you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Timesheet Entry
I discover time and time again the employees often misclassified unconsciously they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you need to be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities 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 have not added to pensions Etc so it’s a huge effect that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance coverage against misclassification however typically premiums are just covering the cost of legal costs whilst the typical claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance 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 for the most part I have not seen it at least so uh the the other area that I do think 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