Handling payroll worldwide is an overwhelming task … Papaya Global Bhutan…
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 substantial legal costs there’s there’s other penalties there’s other costs behind that as well so the total expense can be very considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong is really simply the guidelines are complex and they’re changing all the time think ir-35 in the UK which has been a continuous advancement for numerous years now and and still a great deal of uncertainty among companies on what it truly indicates and how you handle it most employers are simply not knowledgeable about the rules and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a classification point of view fine thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what results can this have on the worker When Can I Change Payment Frequency On Papaya Global specifically when it pertains to their own tax liabilities social security and benefits for example jury and undoubtedly the employees the other side of the coin
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Over the last 5 or six years …Papaya Global Bhutan… functions on the supplier side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 really really gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also go over a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and managing them becomes increasingly more complicated Worldwide companies are aiming to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have multiple accounts in various nations does it make sense for business to keep separate bank accounts sometimes in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the international Workforce is currently three and a half billion individuals by 2030 it’s estimated 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 around the world in the conventional payroll design there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very extremely fundamental there’s no genuine 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 whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the average expense of an international data 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 rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly 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 in between fintech and payroll it’s closer than ever I believe 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 also too to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being offered by services throughout the world so again you’re simply wanting to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly say that the larger a business 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 actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an impact perspective on employees it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful result on people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that jobs like Wi-Fi Global and other important matters are done correctly. Utilizing the first International Payments first payroll payment service is a great initial action towards providing a detailed payroll service for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and bank accounts required for worldwide payroll are essential factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Eventually, we do not do it for the thankfulness.
anyway we know how how essential a function 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 procedures and likewise so envision sorry I’m simply I was simply gon na state picture 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 hundreds of thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of try to return to everyone so proceeding look why do business select to main separate bank accounts there are Papaya Global Bhutan companies out there doing exactly this for specific nations and I’ve worked in a business or many services doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe people have got so used to we need a brand-new savings 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 requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing but ultimately people are really stuck to what they recognize
with ideal um modification is a challenging thing all of us do not like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple bank accounts however there’s a substantial quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is big however I think the sincere response is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to track and this method does pose a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so
I 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 seems like our CFO has gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Bhutan
I find time and time again the employees typically misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the client why it’s optimum mainly to the client why you must be utilized or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare 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 too late years have gone by they have not contributed to pensions Etc so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are securing insurance against misclassification however normally premiums are only covering the expense of legal charges whilst the average claim evaluated versus employers relates to to 40 or half of the base salary of worker exists any point in getting 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 charge and interest for the most part I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK