Handling payroll globally is a difficult task … Payroll Through Papaya Global…
publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also considerable legal expenses there’s there’s other penalties there’s other costs behind that as well so the total expense can be very significant in the tens of countless dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is really just the rules are complex and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for several years now and and still a great deal of uncertainty amongst companies on what it actually indicates and how you handle it most employers are just not knowledgeable about 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 really proactive as you’re engaging uh workers from a classification point of view okay 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 staff member Papaya Global Bureau Manager Update particularly when it pertains to their own tax liabilities social security and benefits for example jury and obviously the workers the other side of the coin
How much revenue does the company make? Payroll Through Papaya Global
Over the last 5 or six years …Payroll Through Papaya Global… roles on the company side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type 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 really very dreary and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is presently three and a half billion individuals by 2030 it’s approximated 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 businesses and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors inadequately communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the information is delivered to the wrong location the typical cost of a worldwide information 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 numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a great question I always throw this back and say what is it what does not need to be consisted of ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 any place you look right eventually building a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is ending up being increasingly detailed. Organizations are constantly presenting new advantages and payment alternatives, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced age, there’s no reason for preserving cumbersome treatments. Payroll, the business’s biggest expenditure, should be processed correctly and on time. Even small delays can adversely impact employees’ well-being and have significant repercussions. Therefore, it’s vital to prioritize precise and timely payments.
payroll team get um so I’m uncertain anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll service for your staff members internationally again I think is another substantial um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and bank accounts they require for their Global 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 don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyway we know 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 associated with those procedures and likewise so envision sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job 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 actually see what was going on and kind of shot to return to everyone so proceeding appearance why do companies pick to main separate savings account there are Payroll Through Papaya Global organizations out there doing exactly this for particular countries and I have actually operated in an organization or many services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think 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 taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires altering but eventually individuals are very stuck with what they recognize
with best um change is a difficult thing we all do not like modification um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining several bank accounts however there’s a huge amount of intricacy opts for establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is huge but I believe the truthful answer is change um people haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century approximately there is a lot to track and this approach does position a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply 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 International employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Payroll Through Papaya Global
I find time and time again the employees often misclassified unconsciously they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum generally to the client why you need to be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions And so on so it’s a big effect that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance versus misclassification however generally premiums are just covering the cost of legal costs whilst the average claim evaluated versus employers corresponds to to 40 or half of the base pay of worker exists any point in getting 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 penalty and interest for the most part I have not seen it at least so uh the the other location 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 pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK