Managing payroll globally is a challenging job … Papaya Global Services…
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 also significant legal expenses there exists’s other charges there’s other expenses behind that as well so the overall expense can be very considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is actually just the rules are complicated and they’re altering all the time think ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a lot of unpredictability amongst companies on what it really suggests and how you handle it most companies are just not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category viewpoint fine thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what results can this have on the worker Papaya Global Ir Secure Mailbox Not Working particularly when it pertains to 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 Services
Over the last five or 6 years …Papaya Global Services… functions on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes 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 raining here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up which must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them ends up being more and more intricate Global companies are looking to find Solutions and new methods to improve procedures specifically from a payroll and cross-border payment standpoint many companies maintain separate bank account just for payroll while some have numerous accounts in different nations does it make sense for business to keep different checking account in some cases in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to enhance working capital, and find how simplifying global payroll payments can transform them from a challenging job into a tactical property.
due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and businesses adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be consisted of best 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 country there’s payment timespan there’s payment capabilities 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 client’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m always amazed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by services across the world so again you’re just looking to add more and more payments to this currently complicated 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 real challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know 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 produce additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect perspective on employees it is absolutely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been astonished coming into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just observe when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is vital to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the very first International Payments first payroll payment option is an excellent initial step towards providing a comprehensive payroll option for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and savings account essential for international payroll are essential consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyhow we know how how important 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 involved in those procedures and likewise so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean 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 attempt to browse them and in fact see what was going on and type of shot to return to everybody so proceeding appearance why do business select to primary different savings account there are Papaya Global Services services out there doing precisely this for particular countries and I’ve operated in an organization or numerous businesses doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately individuals are very stuck to what they’re familiar
with right um modification is a difficult thing all of us don’t like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping numerous bank accounts however there’s a substantial quantity of complexity goes with establishing a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is big but I think the truthful response is change um individuals have not had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep track of and this approach does present a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Services
I discover time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the customer why you ought to be used or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and numerous 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 And so on so it’s a huge effect that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance coverage against misclassification but generally premiums are just covering the cost of legal charges whilst the average claim examined versus companies corresponds to to 40 or half of the base salary of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK