Handling payroll worldwide is a complicated task … Papaya Global Wheniwork…
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 revealed settlements there’s also considerable legal expenses there exists’s other penalties there’s other expenses behind that too so the total cost can be really considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason business are getting it so incorrect is really simply the rules are intricate and they’re changing all the time think ir-35 in the UK which has actually been an ongoing development for several years now and and still a great deal of unpredictability amongst companies on what it really suggests and how you handle it most companies are just 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 category point of view alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the staff member Papaya Global Furloughed Employee particularly when it concerns their own tax liabilities social security and benefits for instance jury and obviously the workers the other side of the coin
How much revenue does the company make? Papaya Global Wheniwork
Over the last 5 or six years …Papaya Global Wheniwork… roles on the provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well among 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 quite intriguing 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 actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to enhance working capital, and find how streamlining global payroll payments can transform them from a troublesome task into a strategic possession.
due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and companies contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of residing in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and services to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the required multiple 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 organization face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be consisted of best and what does
it need 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 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 best ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 technology is enabling us to sort of progress with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses throughout the world so again you’re just looking to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely say 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 task there are groups feeding details 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 need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on employees it is definitely important that it’s done correctly and on time so what we indicate 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 effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll option for your employees worldwide once again I believe is another substantial um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how important a function it is and that’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 associated with those procedures and likewise so think of sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating 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 check out them and really see what was going on and sort of try to return to everybody so proceeding look why do companies pick to primary separate savings account there are Papaya Global Wheniwork services out there doing precisely this for specific nations and I’ve worked in a business or lots of services doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing 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 think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe people have actually got so utilized to we need a new checking 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 simply been the standard and the standard individuals have 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 sort of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering but eventually people are extremely stuck with what they’re familiar
with best um modification is a difficult thing all of us don’t like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping several bank accounts however there’s a big quantity of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is huge however I think the sincere response is change um people have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does pose several difficulties um so Johnny might you inform us about those obstacles yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Wheniwork
I find time and time again the employees frequently misclassified unconsciously they don’t comprehend the conditions of work or contract and are informed by the customer why it’s optimum mainly to the client why you must be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted 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 haven’t added to pensions And so on so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance coverage versus misclassification however generally premiums are only covering the cost of legal fees whilst the average claim examined against employers relates to to 40 or 50 percent of the base pay of employee exists any point in securing insurance 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 think 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 rejected protection on the basis of the truth that you were not in compliance with laws um in the UK