Managing payroll internationally is an overwhelming task … Comdata Papaya Global…
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 revealed settlements there’s likewise significant legal expenses there exists’s other charges there’s other expenses behind that also so the overall cost can be really 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 just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of unpredictability among companies on what it really suggests and how you deal with it most companies are merely 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 workers from a classification viewpoint fine thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee Benefits Of Papaya Global Software particularly when it pertains to their own tax liabilities social security and advantages for example jury and obviously the employees the other side of the coin
How much revenue does the company make? Comdata Papaya Global
Over the last five or six years …Comdata Papaya Global… roles on the provider side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 raining here it’s very really bleak and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add further complexity the global Labor force is presently 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s typically a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there’s no real consistency framework we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company spends on global payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global services have actually expressed 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 because of time reporting poor HCM data data entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the required several processes 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 challenges service face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s varying 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 client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk 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 an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to contribute to type of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so again you’re simply wanting to include more and more payments to this currently complex landscape so if you type 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 kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger a company 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 details into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate 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 operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost perspective from an effect perspective on employees it is definitely crucial that it’s done correctly 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 harmful result on individuals’s well-being and lots of other elements 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 anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply 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 things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees worldwide again I think is another big um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and checking account they need for their Worldwide 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 have actually never had a hundred countless them within a payroll cycle do not 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 rather where they’re suggested to be um I don’t believe any of us are actually 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 envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everybody so carrying on look why do business select to main separate checking account there are Comdata Papaya Global businesses out there doing exactly this for particular countries and I’ve worked in a service or numerous businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anyone that’s handling that procedure 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 believe many reasons one is it’s the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it requires altering but ultimately individuals are very stuck to what they recognize
with best um modification is a difficult thing we all do not like change um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having maintaining multiple savings account but there’s a substantial amount of complexity opts for establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is big but I think the honest response is modification um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny might you tell us about those challenges yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Comdata Papaya Global
I discover time and time again the employees typically misclassified unwittingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s optimum mainly to the customer why you must be employed or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 too late years have actually passed they have not added to pensions And so on so it’s a huge effect that they never knew they were strolling 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 companies are securing insurance coverage against misclassification but usually premiums are only covering the expense of legal costs whilst the average claim assessed against companies corresponds to to 40 or half of the base salary of employee exists any point in getting insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest in many 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 coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK