Handling payroll globally is a difficult job … Papaya Global Products…
publicly revealed 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 significant legal costs there’s there’s other charges there’s other expenses behind that too so the total cost can be really considerable in the 10s of countless dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is really simply the rules are complicated and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for several years now and and still a great deal of uncertainty amongst business on what it actually indicates and how you deal with it most employers are merely not knowledgeable about the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a category point of view fine thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the staff member Papaya Global Courses Limerick especially when it pertains to their own tax liabilities social security and benefits for example jury and obviously the employees the other side of the coin
How much revenue does the company make? Papaya Global Products
Over the last 5 or 6 years …Papaya Global Products… roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 very extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset 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 effectively firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the international Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 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 traditional payroll model there’s often a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely very basic there’s no real consistency structure we’re residing in an era of tech but 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 and that 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 just 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of international services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be included right and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is absolutely crucial however everywhere 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 sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly surprised when individuals say I have actually 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 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 typically 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 people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on well-being and the settlement landscape is becoming significantly intricate. Businesses are constantly introducing brand-new advantages and payment options, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technically innovative period, there’s no reason for maintaining troublesome procedures. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even minor delays can negatively impact workers’ wellness and have significant consequences. For that reason, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll option for your workers worldwide once again I believe is another huge um process again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of businesses and minimizing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied 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 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 processes and likewise so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture 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 in fact see what was going on and type of try to return to everybody so moving on appearance why do companies choose to main separate bank accounts there are Papaya Global Products organizations out there doing exactly this for specific countries and I’ve operated in a business or numerous services doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t need to and anyone that’s managing 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 lots of factors one is it’s the requirement I believe individuals have got so used to we require a new bank account we open an entity and appropriately 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 just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering however ultimately individuals are very stuck to what they’re familiar
with ideal um change is a difficult thing all of us do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining numerous checking account but there’s a big amount of intricacy goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I think the honest response is change um people haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this approach does present a number of challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Products
I find time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the customer why you should be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions Etc so it’s a huge effect that they never 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 companies are securing insurance against misclassification but generally premiums are only covering the cost of legal charges whilst the average claim assessed versus employers relates to to 40 or 50 percent of the base salary of employee exists 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 charge and interest for the most part I have not seen it at least 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