Handling payroll globally is a complicated job … Papaya Global Avast…
publicly announced 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 also substantial legal costs there’s there’s other penalties there’s other costs behind that too so the overall cost can be very substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is actually just the guidelines are complex and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of uncertainty among companies on what it truly suggests and how you deal with it most employers are merely not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a classification perspective alright thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the employee Papaya Global Company Info particularly when it pertains to their own tax liabilities social security and advantages for example jury and clearly the employees the other side of the coin
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Over the last five or six years …Papaya Global Avast… functions on the company side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also go over a recap and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and managing them ends up being a growing number of intricate International companies are wanting to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint many organizations maintain separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to keep separate checking account sometimes in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance information security and banking rules then there are the large numbers they include more intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very extremely basic there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide 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 mistakes are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included right and what does
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it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and technology is permitting us to type of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to add to type of the level of complexity there’s more and more advantages being organ or being offered by organizations throughout the world so again you’re just wanting to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know 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 require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an effect point of view on employees it is absolutely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful effect on people’s wellness and many other factors if people aren’t paid uh I have actually always been surprised entering into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been told 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 staff members or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 stuff is definitely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a fantastic first step um providing an end-to-end payroll service for your employees globally again I think is another big um process again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of companies and decreasing the number of tools platforms and savings 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 have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how crucial a role it is which’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 everyone that’s associated with those processes and also so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everybody so moving on appearance why do companies choose to primary different checking account there are Papaya Global Avast services out there doing exactly this for specific countries and I have actually operated in a company or lots of companies doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually 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 variety I believe this is a process that needs taking a look at it requires changing but eventually individuals are very stuck with what they recognize
with best um modification is a tough thing we all do not like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving several checking account however there’s a huge quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge however I think the truthful answer is change um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this technique does posture several challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I simply 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 International staff members you should have a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Avast
I discover time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of work or contract and are told by the customer why it’s optimum primarily to the client why you must be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and numerous 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 Etc so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are getting insurance versus misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim examined against companies equates to to 40 or half 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 check out the small print it is not covering the taxes penalty and interest for the most part 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 pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK