Handling payroll worldwide is a daunting job … Papaya Global Ap…
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 likewise considerable legal costs there exists’s other penalties there’s other costs behind that too so the overall cost can be very substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is actually just the rules are complex and they’re changing all the time think ir-35 in the UK which has been an ongoing development for several years now and and still a lot of uncertainty amongst business on what it truly means and how you deal with it most employers are merely not familiar with the rules and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a category perspective all right thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the staff member Papaya Global Number Of Employees especially when it concerns 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 Ap
Over the last 5 or six years …Papaya Global Ap… roles on the service provider side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody 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 certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they add further intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s approximated 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 services and growing all doing their own thing around the world in the conventional payroll design there’s typically an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very standard there’s no real consistency structure we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe
about it to provide 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 rather frankly the more a service invests in global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint 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 great question I constantly throw this back and say what is it what doesn’t need to be included best and what does
it need to be considered 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 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to sort of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the compensation landscape is ending up being increasingly elaborate. Organizations are continuously presenting new benefits and payment alternatives, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically sophisticated era, there’s no justification for keeping cumbersome treatments. Payroll, the company’s most significant expense, should be processed correctly and on time. Even slight delays can negatively impact staff members’ well-being and have significant consequences. For that reason, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anyone on this kind of webinar has 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 workers or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll option for your workers globally once again I believe is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential a role 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and type of shot to return to everybody so moving on appearance why do companies pick to main separate bank accounts there are Papaya Global Ap services out there doing exactly this for specific nations and I’ve operated in a service or many organizations doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and anyone that’s managing 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 amount that we are I think numerous factors one is it’s the standard I think people have actually got so utilized to we need a brand-new bank account we open an entity and appropriately 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 simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs altering however eventually individuals are extremely stuck to what they recognize
with best um modification is a tough thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining numerous bank accounts however there’s a big amount of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial however I believe the honest answer is change um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this technique does position numerous challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Ap
I discover time and time again the employees often misclassified unwittingly they do not comprehend the conditions of work or contract and are told by the customer why it’s most advantageous generally to the client why you should be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t added to pensions And so on so it’s a huge impact that they never knew 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 getting insurance against misclassification however normally premiums are only covering the expense of legal fees whilst the typical claim examined versus employers relates to to 40 or half of the base pay of employee is there any point in securing insurance coverage 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 most cases I haven’t 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK