Handling payroll worldwide is an overwhelming task … Papaya Global Levels Of Security…
publicly announced 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 likewise substantial legal costs there’s there’s other charges there’s other costs behind that also so the total expense can be extremely considerable in the tens of countless dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is really simply the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for several years now and and still a lot of unpredictability among companies on what it truly suggests and how you deal with it most employers are merely not aware of the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a category perspective all right 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 employee Papaya Global Cambodia particularly when it pertains to their own tax liabilities social security and advantages for example jury and undoubtedly the employees the other side of the coin
How much revenue does the company make? Papaya Global Levels Of Security
Over the last 5 or six years …Papaya Global Levels Of Security… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 gloomy and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently a frustrating number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely fundamental there’s no real consistency structure we’re residing in an era 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 just blows my mind every time I I think
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 Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global companies have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely on the required multiple procedures systems and partners it is just 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 employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be included right and what does
it need to be thought of there’s varying Bank information 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 customer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link in 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 kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to contribute to type of the level of complexity there’s more and more advantages being organ or being used by organizations across the world so again you’re just looking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate 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 an age of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an impact perspective on staff members 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 most significant harmful result on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been amazed coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a great first step um offering an end-to-end payroll option for your employees internationally again I think is another huge um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of organizations and minimizing the variety of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and kind of try to return to everybody so proceeding look why do business pick to main different savings account there are Papaya Global Levels Of Security organizations out there doing precisely this for particular countries and I’ve worked in a service or numerous organizations doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and any person that’s handling 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 amount that we are I believe numerous reasons one is it’s the standard I think people have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced 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 many other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately people are extremely stuck to what they recognize
with right um change is a hard thing we all don’t like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining multiple checking account however there’s a big quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge but I think the truthful response is change um people have not been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from 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 element of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present several obstacles um so Johnny could you inform us about those obstacles yeah obviously 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 handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Levels Of Security
I find time and time again the workers often misclassified unwittingly they do not understand the conditions of work or contract and are told by the customer why it’s optimum mainly to the client why you should be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and a number of 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 contributed to pensions And so on so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance versus misclassification however typically premiums are just covering the cost of legal costs whilst the typical claim examined versus employers equates to to 40 or half of the base salary of worker exists any point in getting insurance coverage 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 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK