Managing payroll globally is a challenging job … Papaya Global Login South Africa…
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 revealed settlements there’s also significant legal costs there exists’s other penalties there’s other expenses behind that too so the overall expense can be extremely considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is truly just the rules are complex and they’re changing all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a lot of uncertainty among companies on what it actually means and how you deal with it most employers are simply not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category perspective fine thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the worker Papaya Global Calendar 2019 20 specifically when it pertains to their own tax liabilities social security and benefits for example jury and undoubtedly the employees the other side of the coin
How much revenue does the company make? Papaya Global Login South Africa
Over the last five or six years …Papaya Global Login South Africa… functions on the service provider side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 really really gloomy and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and handling them becomes increasingly more complex Global companies are seeking to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep separate savings account sometimes in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to enhance working capital, and find how improving worldwide payroll payments can transform them from a difficult job into a tactical asset.
due to different regulations, compliance requirements, data security concerns, and banking rules. The large number of employees and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of integration, causing disparities and ineffectiveness. In spite of living in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and services to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a service invests in worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be consisted of ideal and what does
it need to be thought of there’s varying Bank information 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 basic and technology is enabling us to sort of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m always surprised when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 often 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the payment landscape is becoming progressively complex. Businesses are constantly introducing brand-new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technologically innovative era, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even slight hold-ups can negatively impact employees’ well-being and have significant consequences. Therefore, it’s important to prioritize accurate and timely payments.
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it fails 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 stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent primary step um offering an end-to-end payroll solution for your staff members worldwide again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of businesses and decreasing the number of tools platforms and checking account 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 countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people 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 mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up 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 look through them and in fact see what was going on and kind of try to get back to everyone so carrying on look why do business select to primary different bank accounts there are Papaya Global Login South Africa companies out there doing precisely this for specific countries and I have actually worked in a company or numerous organizations doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s dealing with 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 quantity that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires changing but ultimately individuals are very stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping several savings account but there’s a huge amount of intricacy goes with establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is substantial but I think the honest answer is modification um people haven’t been able to change or haven’t had necessarily the knowledge to truly 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 knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving 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 technique does posture a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched 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 Worldwide workers you are worthy of a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Login South Africa
I discover time and time again the employees often misclassified unwittingly they do not understand the conditions of work or agreement and are informed by the customer why it’s most advantageous generally to the customer why you ought to be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker 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 gone by they haven’t added to pensions And so on so it’s a big effect that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance coverage versus misclassification but typically premiums are only covering the expense of legal charges whilst the average claim assessed against companies corresponds to to 40 or 50 percent of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do think 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