Handling payroll globally is a difficult task … Papaya Global Year End Step By Step…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also considerable legal costs there’s there’s other charges there’s other expenses behind that also so the overall cost can be very significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is really simply the guidelines are complex and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of unpredictability among companies on what it truly indicates and how you deal with it most companies are simply not familiar with 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 very proactive as you’re engaging uh workers from a category point of view all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the worker Papaya Global Not Showing Mdb specifically when it comes to their own tax liabilities social security and benefits for instance jury and obviously the workers the other side of the coin
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Over the last five or 6 years …Papaya Global Year End Step By Step… functions on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so 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 type of like see where everyone originates from and I really 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 really very dreary and I wish I was elsewhere at this moment in time fine 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 managing International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll likewise discuss a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and handling them ends up being a growing number of complicated International companies are looking to find Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment standpoint lots of companies maintain different bank account just for payroll while some have several accounts in various countries does it make sense for business to maintain different checking account sometimes in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include more complexity the international Labor force 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 currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency framework we’re residing in an age 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 simply blows my mind whenever I I believe
about it to provide 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 offers me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great question I always toss this back and state what is it what does not require to be consisted of 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 country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have 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 eventually building a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 fundamental and technology is permitting us to type of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone 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 often 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 people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by companies across the world so again you’re simply wanting to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or real difficult kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info 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 doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any organization has from a cost point of view from an impact perspective on employees it is definitely important that it’s done properly 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 detrimental result on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this sort 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 staff members or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem 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 properly so leveraging the very first Global Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll option for your employees worldwide once again I think is another substantial um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of services and minimizing the number of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 everybody that’s associated with those processes and also so imagine 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 make sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying 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 require days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everybody so carrying on look why do business choose to main separate checking account there are Papaya Global Year End Step By Step businesses out there doing precisely this for specific nations and I have actually operated in a business or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing however ultimately people are really stuck with what they recognize
with right um modification is a difficult thing we all do not like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining numerous checking account but there’s a substantial amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge however I think the sincere answer is modification um people have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does pose several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise 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 gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Year End Step By Step
I find time and time again the employees typically misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous mainly to the client why you should be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never ever 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 10 years um Kathy companies are getting insurance coverage versus misclassification but usually premiums are just covering the cost of legal charges whilst the average claim examined versus companies relates to to 40 or half of the base pay of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in many cases I have not seen it a minimum of so uh the the other location 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 stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK