Handling payroll globally is an overwhelming job … Subscription Cost For Papaya Global…
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 announced settlements there’s likewise significant legal costs there’s there’s other penalties there’s other expenses behind that too so the total cost can be very considerable in the tens of countless dollars or more and and those amounts are growing uh the reason business are getting it so wrong is really simply the rules are complex and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a lot of unpredictability amongst companies on what it actually implies and how you deal with it most companies are just not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a classification perspective fine thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the worker Why On Papaya Global Payroll Some Employees Show Up Yellow especially when it pertains to their own tax liabilities social security and benefits for example jury and obviously the workers the opposite of the coin
How much revenue does the company make? Subscription Cost For Papaya Global
Over the last five or six years …Subscription Cost For Papaya Global… roles on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone 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 drizzling here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time alright 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 Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide 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 Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is currently three and a half billion people 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 all over the world in the conventional payroll design there’s often an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency framework we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically 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 organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they depend on the needed multiple procedures 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 business face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be included right and what does
it require 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 time frames 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if however some babies 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to sort of the level of complexity there’s more and more benefits being organ or being offered by companies across the world so again you’re simply aiming to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient 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 operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost point of view from an impact viewpoint on staff members it is absolutely 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 need to be done right it has the greatest destructive effect on individuals’s well-being and many other elements if people aren’t paid uh I’ve constantly been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly 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 hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 stuff is definitely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll solution for your workers worldwide again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and lowering the number of tools platforms and savings account they need 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 easy as possible for everybody that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so carrying on look why do companies choose to main different bank accounts there are Subscription Cost For Papaya Global companies out there doing exactly this for particular countries and I have actually worked in a business or numerous organizations doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s handling 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 quantity that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you require 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 standard and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but eventually people are extremely stuck with what they’re familiar
with best um modification is a tough thing all of us do not like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping multiple savings account however there’s a substantial quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big however I believe the honest response is modification um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason 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 track and this method does position a number of difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
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I discover time and time again the workers typically misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s most advantageous generally to the client why you ought to be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and several times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t added to pensions Etc so it’s a huge effect that they never ever knew 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 business are getting insurance coverage versus misclassification but typically premiums are just covering the expense of legal costs whilst the average claim assessed against companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in securing 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 penalty and interest in many cases I have not seen it a minimum of so uh the the other location 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 pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK