Handling payroll globally is a complicated job … Papaya Global Furlough Claim…
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 likewise significant legal expenses there exists’s other charges there’s other costs behind that as well 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 that companies are getting it so incorrect is actually just the rules are complicated and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for a number of years now and and still a great deal of unpredictability amongst companies on what it really indicates and how you handle it most companies are merely not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a category point of view okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the employee Papaya Global Payroll W2 especially when it comes to their own tax liabilities social security and benefits for instance jury and undoubtedly the employees the opposite of the coin
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Over the last five or 6 years …Papaya Global Furlough Claim… functions on the service provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them becomes more and more intricate Worldwide organizations are aiming to discover Solutions and new methods to enhance procedures especially from a payroll and cross-border payment standpoint numerous companies maintain separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain different checking account in some cases in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business streamline the episode complex procedures of
Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and find how streamlining global payroll payments can change them from a challenging task into a strategic property.
due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and companies adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, data silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly 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 incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be included ideal and what does
it need to be considered 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 abilities 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is absolutely crucial but 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 look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m always surprised when people state I’ve divided 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 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being provided by services throughout the world so once again you’re simply looking to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number 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 info 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 in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an impact point of view on employees it is definitely important that it’s done properly 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 most significant harmful impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has 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 workers or not um however ultimately payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll service for your employees internationally once again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and decreasing the variety of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na say imagine 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 speaking about numerous thousands potentially Millions imagine 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 however it would absolutely be a fascinating task trying to clean 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 attempt to check out them and in fact see what was going on and kind of shot to get back to everyone so proceeding look why do companies select to main separate bank accounts there are Papaya Global Furlough Claim organizations out there doing precisely this for specific nations and I’ve operated in an organization or many companies doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional 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 amount that we are I think many reasons one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute 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 range I think this is a procedure that requires taking a look at it requires altering but eventually people are really stuck to what they recognize
with best um change is a challenging thing all of us don’t like change um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several checking account but there’s a substantial amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge but I think the truthful response is change um individuals have not had the ability to change or have not had necessarily the knowledge to actually 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 understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to monitor and this technique does present several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion 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 accomplishments. Papaya Global Furlough Claim
I discover time and time again the workers often misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the client why it’s optimum primarily to the customer why you ought to be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions Etc so it’s a huge effect that they never understood they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance coverage against misclassification but typically premiums are just covering the expense of legal fees whilst the average claim assessed versus companies corresponds to to 40 or half of the base salary of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many cases I have not seen it a minimum of 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 pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK