Handling payroll globally is a daunting task … Papaya Global Termination Payroll…
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’s there’s other penalties there’s other expenses behind that too so the total expense can be extremely significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is actually simply the rules are complicated and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for several years now and and still a great deal of uncertainty among business on what it truly implies and how you deal with it most companies are merely not knowledgeable about the rules 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 workers from a category viewpoint okay thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the staff member Install Papaya Global On New Computer specifically when it pertains to their own tax liabilities social security and benefits for instance jury and certainly the employees the other side of the coin
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Over the last five or 6 years …Papaya Global Termination Payroll… roles on the company side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 very extremely dreary and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a challenging task into a tactical asset.
due to different guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual processes, information silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and options to simplify and optimize 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 say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in global payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the average cost 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 money all over the world payroll and payments don’t run smoothly if they depend on the essential numerous 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 obstacles company face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included best and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if however 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 basic and technology is permitting us to type of move on with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being provided by organizations throughout the world so again you’re just looking to include more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost point of view from an effect viewpoint on employees it is absolutely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental effect on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed 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 employees or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think 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 definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll option for your workers internationally again I believe is another huge um process again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect 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 quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 procedures and also so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of shot to get back to everybody so moving on appearance why do business pick to primary different checking account there are Papaya Global Termination Payroll businesses out there doing precisely this for particular nations and I’ve worked in a service or many companies doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person that’s dealing with that process 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 believe lots of reasons one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people 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 lots of other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing however ultimately people are very stuck to what they’re familiar
with ideal um modification is a tough thing all of us do not like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping multiple checking account however there’s a big amount of complexity goes with establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial however I believe the sincere response is change um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but 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 almost be identified to be the next Century approximately there is a lot to keep track of and this method does position a number of challenges um so Johnny might you inform us about those challenges yeah obviously 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 jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Termination Payroll
I discover time and time again the employees frequently misclassified unwittingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the customer why you should be used or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 gone by they haven’t contributed to pensions And so on so it’s a big impact 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 return as much as 10 years um Kathy companies are securing insurance against misclassification but typically premiums are just covering the expense of legal fees whilst the average claim assessed versus companies relates to to 40 or half of the base pay of employee 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 in most cases I haven’t 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 stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK