Handling payroll internationally is a daunting task … Papaya Global Won\’t Download As Searching For Previous Version…
publicly revealed 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 significant legal expenses there exists’s other penalties there’s other expenses behind that too so the total expense can be really considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has actually been a continuous development for several years now and and still a great deal of uncertainty amongst companies on what it really means and how you handle it most employers are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a classification viewpoint all right thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the employee Papaya Globals Ppob specifically when it comes to their own tax liabilities social security and advantages for instance jury and certainly the employees the other side of the coin
How much revenue does the company make? Papaya Global Won\’t Download As Searching For Previous Version
Over the last 5 or 6 years …Papaya Global Won\’t Download As Searching For Previous Version… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give 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 already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property 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, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging task into a tactical possession.
due to various policies, compliance requirements, data security concerns, and banking rules. The sheer number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, causing disparities and inadequacies. Despite living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international businesses have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included best and what does
it require to be thought of there’s differing Bank details 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 have 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 developing a knowledge base is definitely critical however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m always surprised when people say 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 estimation I would say no so why do we as a market 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 data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re just wanting to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would certainly say that the bigger a company 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 actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on staff members it is definitely critical 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 have to be done right it has the greatest destructive result on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market kind of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment solution is a fantastic initial step towards offering a comprehensive payroll service for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts required for global payroll are essential factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we know how how crucial a role 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 procedures and also so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t think of 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 proceeding appearance why do companies choose to main different checking account there are Papaya Global Won\’t Download As Searching For Previous Version services out there doing exactly this for particular nations and I have actually worked in a business or many services doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have actually got so used to we need a new checking account we open an entity and rightly so you need 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 standard and the standard the people have adopted 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 ways um to to type of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck to what they’re familiar
with right um change is a tough thing all of us don’t like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining numerous checking account but there’s a substantial quantity of intricacy chooses setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is substantial but I believe the honest answer is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine 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 or two there is a lot to track and this method does present a number of obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you changed our Business 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 Worldwide employees you are worthy of a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Won\’t Download As Searching For Previous Version
I find time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of work or contract and are informed by the client why it’s most advantageous mainly to the customer why you ought to be used or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and a number of 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 And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance against misclassification but generally premiums are just covering the cost of legal charges whilst the typical claim assessed versus employers relates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other area 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK