Handling payroll worldwide is a complicated task … Papaya Global Tax Calendar 2023/24…
How much revenue does the company make? Papaya Global Tax Calendar 2023/24
Over the last 5 or 6 years …Papaya Global Tax Calendar 2023/24… functions on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 uninspiring and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a challenging task into a strategic property.
due to different policies, compliance requirements, information security issues, and banking rules. The sheer variety of employees and services contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of combination, leading to disparities and inefficiencies. In spite of residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you a concept 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 gives me sleepless nights and quite honestly the more a service spends on global payroll the less of a picture 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 international services have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is delivered to the incorrect place the average cost of a worldwide 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 smoothly if they rely on the needed multiple 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 company face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need 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 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 complexity any place you look best ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if but some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being used by organizations across the world so once again you’re just looking to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or real difficult type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect point of view on staff members it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging result on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think 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 essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a great first step um supplying an end-to-end payroll option for your staff members worldwide again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and decreasing the variety 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 regards to 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 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 think any of us are really 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 procedures and also so think of sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to return to everyone so carrying on look why do business pick to primary separate checking account there are Papaya Global Tax Calendar 2023/24 companies out there doing precisely this for specific nations and I have actually operated in a company or numerous organizations doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for any person where we do not need to and anybody 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 amount that we are I believe many reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require 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 norm individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs altering however ultimately individuals are really stuck with what they’re familiar
with right um change is a hard thing we all don’t like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving multiple bank accounts however there’s a huge quantity of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is substantial but I believe the truthful response is change um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this technique does posture numerous challenges um so Johnny might you tell us about those challenges 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Tax Calendar 2023/24
I find time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the customer why you should be utilized or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 gone by they have not added to pensions Etc 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 example hmrc can return as much as 10 years um Kathy companies are securing insurance versus misclassification but usually premiums are only covering the cost of legal costs whilst the typical claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary of employee is there any point in getting 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 at least so uh the the other location that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK