Handling payroll worldwide is a challenging job … Eps Papaya Global…
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 likewise significant legal costs there’s there’s other penalties there’s other costs behind that too so the overall cost can be very substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is really simply the guidelines are intricate and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for several years now and and still a lot of unpredictability amongst companies on what it truly indicates and how you deal with it most employers are merely not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a category point of view all right 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 employee Papaya Global Login Uk Employee specifically when it comes to their own tax liabilities social security and advantages for instance jury and clearly the workers the opposite of the coin
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Over the last 5 or six years …Eps Papaya Global… roles on the company side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another couple 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 interesting 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 everybody comes 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 raining here it’s very very dreary and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also discuss a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them ends up being more and more intricate Global companies are aiming to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective lots of companies maintain separate checking account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different bank accounts in some cases in various nations it does but just for payroll is there a much better way what function 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 properly effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or very extremely standard there’s no real consistency framework we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global businesses have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the required numerous processes 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 organization face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what does not need to be included best and what does
it need to be thought about there’s differing 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 capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m always astonished when individuals state 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 profession would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by companies throughout the world so again you’re simply aiming to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense perspective from an impact perspective on employees it is absolutely crucial 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 result on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the very first International Payments first payroll payment service is a great initial action towards providing a comprehensive payroll solution for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account required for international payroll are key factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Ultimately, we don’t 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 processes and also so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everyone so moving on look why do business select to main separate savings account there are Eps Papaya Global businesses out there doing precisely this for specific nations and I’ve worked in a business or lots of companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need 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 think many factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires altering however ultimately people are extremely stuck with what they recognize
with best um change is a tough thing we all don’t like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving several savings account however there’s a big quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial but I think the truthful response is modification um people have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or two there is a lot to monitor and this technique does present a number of obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you switched 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 employees you should have a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Eps Papaya Global
I find time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum generally to the customer why you must be utilized or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 passed they haven’t contributed to pensions Etc so it’s a big impact that they never ever knew 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 10 years um Kathy companies are securing insurance coverage versus misclassification however usually premiums are only covering the cost of legal costs whilst the typical claim assessed versus companies corresponds to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location 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 stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK