Handling payroll worldwide is an overwhelming task … Papaya Global Payroll Provider…
openly announced 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 charges there’s other costs behind that too so the total cost can be extremely significant in the 10s of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is really simply the rules are complex 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 great deal of uncertainty among business on what it actually indicates and how you deal with it most employers 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 motivate you to to be really proactive as you’re engaging uh employees from a category point of view fine thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member How To Contact Papaya Global Helpline specifically when it pertains to their own tax liabilities social security and advantages for example jury and clearly the workers the other side of the coin
How much revenue does the company make? Papaya Global Payroll Provider
Over the last 5 or 6 years …Papaya Global Payroll Provider… roles on the provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among 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 rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap which must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes a growing number of complex Worldwide companies are aiming to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint many companies maintain separate savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain different checking account in some cases in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or really really standard there’s no real consistency framework we’re residing in an age 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 which simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of an image they see an absence of presence also extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide organizations have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view 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 a good question I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does
it require to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re just seeking to include increasingly more payments to this currently complex landscape so if you sort 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 real difficult type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things however you understand 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 need to produce additional handoffs in the processes that we run in they simply 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 age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an effect viewpoint on workers it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been impressed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has actually been informed 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 employees 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 just a tick box exercise and I think 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 absolutely essential that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is an excellent primary step um providing an end-to-end payroll option for your employees internationally once again I think is another big um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and savings account they need for their International 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 don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so moving on appearance why do business choose to main different savings account there are Papaya Global Payroll Provider organizations out there doing precisely this for particular countries and I’ve worked in an organization or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and any person 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 factors one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however 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 actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing however eventually people are extremely stuck with what they’re familiar
with right um change is a challenging thing all of us do not like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping several savings account but there’s a substantial quantity of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial however I believe the sincere response is change um people haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does position a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just did you changed our Enterprise 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 Global staff members you should have a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Payroll Provider
I discover time and time again the employees frequently misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous generally to the client why you should be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care privileges 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 actually passed they haven’t added to pensions Etc so it’s a huge effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance coverage versus misclassification however typically premiums are just covering the cost of legal charges whilst the average claim examined against employers equates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance 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 most of the times I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK