Managing payroll worldwide is a complicated job … Papaya Global P32…
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’s there’s other charges there’s other costs behind that as well so the total cost can be really significant in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so wrong is truly just the guidelines are intricate and they’re changing all the time think ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a lot of uncertainty among companies on what it actually indicates and how you deal with it most companies are just not knowledgeable about the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a category viewpoint fine thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what results can this have on the worker P11 D Reports On Papaya Global specifically when it concerns their own tax liabilities social security and advantages for example jury and clearly the employees the opposite of the coin
How much revenue does the company make? Papaya Global P32
Over the last five or six years …Papaya Global P32… functions on the provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so 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 currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates 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 drizzling here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve different
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has actually 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 each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services 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 errors inadequately communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what does not need to be consisted of best 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 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to type of move on with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the compensation landscape is ending up being significantly elaborate. Services are continually introducing brand-new benefits and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically advanced age, there’s no reason for keeping troublesome procedures. Payroll, the company’s biggest cost, should be processed properly and on time. Even small hold-ups can adversely impact workers’ well-being and have significant repercussions. Therefore, it’s crucial to focus on precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll option for your staff members internationally once again I think is another huge um process again aligning and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of services and decreasing the variety of tools platforms and bank accounts they require for their International 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 also so picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of shot to return to everyone so carrying on appearance why do business select to main different savings account there are Papaya Global P32 businesses out there doing precisely this for specific countries and I’ve operated in a service or many businesses doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and any person that’s dealing with 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 amount that we are I believe many reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new checking 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 believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that requires looking at it requires altering but ultimately people are extremely stuck with what they recognize
with right um change is a difficult thing we all do not like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping numerous checking account but there’s a big amount of complexity goes with establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is big however I think the sincere response is modification um individuals haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but 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 understand what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does position several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just 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 feels like our CFO has actually gained another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global P32
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous primarily to the customer why you need to be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits 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 far too late years have actually gone by they have not added to pensions And so on so it’s a big impact that they never understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance versus misclassification however typically premiums are just covering the cost of legal costs whilst the average claim evaluated versus employers equates to to 40 or half of the base salary of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in most cases 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 coverage on the basis of the fact that you were not in compliance with laws um in the UK