Handling payroll globally is a complicated job … Papaya Global Belarus…
openly announced 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 exists’s other charges there’s other expenses behind that also 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 companies are getting it so incorrect is truly simply the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has been a continuous development for several years now and and still a great deal of uncertainty among companies on what it truly means and how you deal with it most employers are just not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category perspective alright thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the worker How Do I Submit Pension To Nest Through Papaya Global especially when it concerns their own tax liabilities social security and advantages for instance jury and clearly the employees the other side of the coin
How much revenue does the company make? Papaya Global Belarus
Over the last 5 or six years …Papaya Global Belarus… roles on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately 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 already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also go over a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of typical and handling them ends up being a growing number of intricate International companies are wanting to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have several accounts in different countries does it make good sense for business to maintain separate checking account in some cases in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most notably guidelines compliance data security and banking rules then there are the large numbers they include additional intricacy the international Labor force is currently 3 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 consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s often a frustrating number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re living in a period of tech however payroll has actually been slow 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 whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on global payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count 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 requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be included right and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of move forward with that it likewise as well 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 definitely necessary that payroll and finance groups work closer together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 typically split and cut up um ultimately 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to add to sort of the level of complexity there’s more and more advantages being organ or being provided by organizations across the world so once again you’re just wanting to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine challenging kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details 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 create extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense viewpoint from an impact viewpoint on workers it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on people’s wellness and many other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll option for your staff members internationally again I believe is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and lowering 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 do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how important 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many 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 imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so proceeding appearance why do business pick to main separate checking account there are Papaya Global Belarus businesses out there doing precisely this for specific countries and I have actually operated in a service or many services doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anybody that’s managing 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 amount that we are I believe many factors one is it’s the requirement I think individuals have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually 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 many other methods um to to sort of do it so I think there’s a range I think this is a process that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize
with best um change is a hard thing all of us do not like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping multiple bank accounts however there’s a huge quantity of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is substantial but I believe the truthful answer is change um individuals haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century or so there is a lot to monitor and this technique does present a number of difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise 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 acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Belarus
I discover time and time again the employees often misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous mainly to the client why you must be used or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be affected 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 have not contributed to pensions Etc so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance coverage against misclassification but generally premiums are just covering the expense of legal costs whilst the typical claim assessed versus employers corresponds to to 40 or half of the base salary of employee is there any point in securing insurance 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 in most cases I haven’t seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are saying 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