Managing payroll worldwide is a challenging task … The Papaya Global Card…
openly 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 also substantial legal expenses there exists’s other penalties there’s other costs behind that too so the total expense can be extremely considerable in the tens of countless dollars or more and and those quantities are growing uh the reason why business are getting it so wrong is actually simply the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing development for several years now and and still a great deal of uncertainty among companies on what it really means and how you handle it most companies are just not familiar with 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 really proactive as you’re engaging uh employees from a category perspective all right thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee Can Papaya Global especially when it comes to their own tax liabilities social security and benefits for example jury and certainly the workers the opposite of the coin
How much revenue does the company make? The Papaya Global Card
Over the last 5 or six years …The Papaya Global Card… roles on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 really very bleak and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a challenging task into a strategic asset.
due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, data silos, and a lack of combination, resulting in disparities and inadequacies. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the required numerous processes 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 service face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be included right and what does
it require 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 time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work better together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so once again you’re simply aiming to add a growing number of payments to this currently complex landscape so if you type 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 genuine challenges or genuine challenging sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost point of view from an impact viewpoint on workers it is definitely critical that it’s done properly and on time so what we mean 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 effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly 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 workers or not. Payroll is an important cycle, and individuals just discover when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a fantastic preliminary step towards providing a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and bank accounts needed for worldwide payroll are key factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as prepared. Eventually, we do not do it for the gratitude.
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 involved in those processes and also so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting 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 need days of the week to attempt to browse them and really see what was going on and sort of shot to return to everybody so carrying on look why do companies pick to primary different checking account there are The Papaya Global Card businesses out there doing exactly this for particular nations and I have actually worked in a business or lots of businesses doing exactly 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 producing extra work for anybody where we don’t need to and anybody 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 quantity that we are I think many reasons one is it’s the requirement I think people have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods 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 requires changing however ultimately people are very stuck to what they recognize
with right um modification is a hard thing all of us don’t like change um so I think it’s just type 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 benefits of having maintaining numerous savings account however there’s a substantial amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge however I think the truthful answer is change um individuals have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or so there is a lot to track and this approach does present numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. The Papaya Global Card
I find time and time again the workers typically misclassified unconsciously they don’t understand the conditions of employment or agreement and are informed by the client why it’s most advantageous generally to the customer why you need to be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted 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 gone by they have not contributed to pensions And so on so it’s a big effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance versus misclassification however normally premiums are only covering the expense of legal charges whilst the average claim evaluated against companies equates to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small 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 coverage what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK