Managing payroll globally is an overwhelming task … Papaya Global Cjrs…
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also substantial legal costs there exists’s other penalties there’s other expenses behind that too so the total expense can be really considerable in the tens of countless dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually simply the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for several years now and and still a lot of uncertainty amongst companies on what it actually means and how you handle it most employers are just not familiar with the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a category point of view okay thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the worker Papaya Global And Covid 19 specifically when it pertains to their own tax liabilities social security and advantages for instance jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Cjrs
Over the last 5 or 6 years …Papaya Global Cjrs… roles on the company side and also on the supplier side from a payroll point of view so truly eagerly 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 approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really 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 drizzling here it’s really extremely gloomy and I want I was elsewhere at this moment in time fine 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 International payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up and that needs to leave his time at the very really 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 more and more typical and managing them becomes a growing number of intricate Worldwide companies are aiming to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective many organizations preserve separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep different bank accounts in some cases in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs 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 difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they add more complexity the global Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency structure we’re residing 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 frequently with pen and paper which simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international companies have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the needed numerous 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 difficulties company face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what does not require to be included ideal and what does
it require to be thought of there’s varying Bank information 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move on with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 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 crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being used by businesses throughout the world so again you’re simply looking to add more and 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 make certain but have you got any experience in kind of real challenges or real tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger an organization 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 teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact perspective on staff members it is definitely 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 have to be done right it has the biggest harmful result on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only discover when things go wrong. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. For that reason, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first Global Payments first payroll payment solution is a terrific initial action towards supplying a detailed payroll solution for employees worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account required for worldwide payroll are key consider accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow we know 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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially 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 but it would certainly be an intriguing task trying to clean all those up for sure oh definitely 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 try to browse them and actually see what was going on and type of shot to get back to everybody so moving on appearance why do companies choose to primary separate checking account there are Papaya Global Cjrs services out there doing exactly this for specific countries and I’ve worked in a service or lots of organizations doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I think individuals have got so utilized to we need a new savings account we open an entity and appropriately 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 standard the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing however ultimately people are extremely stuck with what they’re familiar
with best um modification is a challenging thing we all do not like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping numerous savings account but there’s a substantial quantity of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is substantial but I think the honest answer is change um people haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to monitor and this approach does posture a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just did you switched 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 Global workers you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Cjrs
I find time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum mainly to the customer why you should be used or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not contributed to pensions Etc so it’s a huge effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are securing insurance coverage versus misclassification but typically premiums are only covering the expense of legal fees whilst the typical claim examined versus employers corresponds to to 40 or half of the base pay of employee is there any point in getting 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 in most cases I haven’t seen it at least so uh the the other area that I do believe if you managed to get the protection 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 truth that you were not in compliance with laws um in the UK