Managing payroll worldwide is a complicated job … Papaya Global.Com/Product/Payroll/Full-service…
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 considerable legal expenses there’s there’s other penalties there’s other costs behind that also so the total cost can be very considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is really just the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has been an ongoing advancement for several years now and and still a great deal of unpredictability among business on what it actually means and how you handle it most companies are merely not aware of the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a category perspective all right thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the employee How To Add Holiday To Papaya Global specifically when it comes to their own tax liabilities social security and advantages for example jury and certainly the workers the other side of the coin
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Over the last five or six years …Papaya Global.Com/Product/Payroll/Full-service… roles on the supplier side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type 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 sort of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 very dreary and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise supply 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 businesses running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a difficult task into a tactical possession.
due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and companies adds to the complexity, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of integration, causing disparities and inadequacies. Regardless of residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary numerous 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 obstacles organization face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super payments no if however some babies 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 acknowledgment that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by companies throughout the world so again you’re just looking to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups 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 however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an effect point of view on employees it is definitely critical that it’s done correctly 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 biggest harmful effect on people’s wellness and lots of other elements if individuals aren’t paid uh I have actually always been impressed entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll service for your workers worldwide again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and lowering the variety of tools platforms and checking account they require for their Global payroll too could not 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 complaints where things have not gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 associated with those procedures and also so picture sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of shot to get back to everybody so proceeding look why do companies pick to main different savings account there are Papaya Global.Com/Product/Payroll/Full-service companies out there doing precisely this for specific countries and I’ve operated in a company or lots of organizations doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have 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 believe this is a procedure that requires taking a look at it requires changing but eventually people are very stuck to what they recognize
with ideal um change is a challenging thing we all don’t like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining numerous bank accounts but there’s a huge quantity of complexity goes with establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is big however I believe the honest answer is modification um individuals haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this technique does present several challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global.Com/Product/Payroll/Full-service
I find time and time again the employees frequently misclassified unwittingly they do not understand the conditions of employment or agreement and are informed by the customer why it’s optimum primarily to the customer why you ought to be employed or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance coverage versus misclassification but typically premiums are only covering the expense of legal costs whilst the typical claim assessed against companies relates to to 40 or half of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest most of the times 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK