Handling payroll worldwide is a complicated task … Papaya Global Fpa…
publicly announced 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 substantial legal costs there exists’s other penalties there’s other costs behind that also so the total cost can be extremely significant in the tens of millions of dollars or more and and those quantities are growing uh the reason why business are getting it so incorrect is actually just the guidelines are complex and they’re altering all the time think ir-35 in the UK which has been a continuous development for several years now and and still a great deal of uncertainty among business on what it really means and how you handle it most employers are simply not aware of 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 workers from a category perspective all right thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the staff member Papaya Global ◊Õ◊™◊Ï◊Ë◊™ particularly when it pertains to their own tax liabilities social security and advantages for example jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Fpa
Over the last five or six years …Papaya Global Fpa… functions on the provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll likewise review a recap which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and managing them ends up being a growing number of intricate Global companies are aiming to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint lots of organizations maintain separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep separate bank accounts often in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and discover how improving worldwide payroll payments can change them from a troublesome job into a strategic property.
due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, causing disparities and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s varying 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 abilities 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 intricacy wherever you look ideal ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market 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 individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by companies across the world so again you’re simply wanting to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or real tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost point of view from an impact perspective on staff members it is absolutely crucial that it’s done properly and on time so what we suggest 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 damaging effect on people’s wellness and many other factors if people aren’t paid uh I’ve always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has been informed 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 workers or not um however eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 stuff is definitely essential that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your workers globally once again I think is another huge um process again aligning and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and savings account they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 also so envision sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean up 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 attempt to browse them and in fact see what was going on and sort of try to return to everyone so proceeding appearance why do business select to primary separate bank accounts there are Papaya Global Fpa companies out there doing exactly this for specific countries and I have actually operated in a service or numerous services doing exactly that I can state it does not constantly feel efficient and it does create more work I know 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 managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the requirement I think individuals have actually got so utilized 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 variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a process that requires looking at it needs changing however eventually individuals are really stuck to what they recognize
with best um change is a hard thing we all do not like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving multiple checking account but there’s a substantial amount of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big but I believe the truthful answer is modification um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Fpa
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the client why it’s optimum generally to the client why you ought to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker 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 gone by they haven’t added to pensions Etc so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance versus misclassification but generally premiums are only covering the cost of legal costs whilst the average claim assessed versus employers relates to to 40 or half of the base salary of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in many cases I have not 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 stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK