Handling payroll worldwide is a difficult job … Papaya Global Payroll Expiditing…
openly announced 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 significant legal costs there’s there’s other penalties there’s other costs behind that also so the total expense can be very significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is truly just the rules are complex and they’re changing all the time believe ir-35 in the UK which has been a continuous development for a number of years now and and still a lot of uncertainty among business on what it truly means and how you deal with it most employers are merely not familiar with the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be extremely 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 just the company that suffers in the long run what results can this have on the staff member Papaya Global History Report By Date especially when it pertains to their own tax liabilities social security and benefits for instance jury and undoubtedly the employees the other side of the coin
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Over the last five or 6 years …Papaya Global Payroll Expiditing… roles on the service provider side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone 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 is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise discuss a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes increasingly more complicated Global companies are aiming to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective numerous organizations preserve separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate bank accounts in some cases in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can change them from a challenging job into a strategic asset.
due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, information silos, and an absence of combination, leading to disparities and inefficiencies. Regardless of living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance international payroll payments.
about it to provide 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 an absence of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be consisted of best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 client’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely essential and technology is permitting us to type of move on with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I’ve 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 computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by services across the world so once again you’re simply wanting to include more and more payments to this already complex 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 genuine difficulties or real tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an impact perspective on staff members it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually 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 everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um offering an end-to-end payroll solution for your employees globally once again I believe is another big um process again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how important a role 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do companies pick to main different checking account there are Papaya Global Payroll Expiditing companies out there doing exactly this for specific countries and I have actually operated in a company or numerous services doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have to and any person that’s managing that procedure 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 think many factors one is it’s the standard I think individuals have actually got so used to we need a new savings account we open an entity and rightly 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 just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires altering but eventually people are really stuck with what they recognize
with best um change is a tough thing all of us do not like modification 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 stuff um I understand clearly the benefits of having preserving numerous savings account however there’s a substantial amount of intricacy goes with establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is huge but I believe the honest answer is modification um people have not been able to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep an eye on and this technique does present several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business 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 actually gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Payroll Expiditing
I discover time and time again the employees typically misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the client why it’s optimum mainly to the client why you must be employed or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted and several 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 added to pensions And so on so it’s a big effect that they never ever knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance against misclassification however typically premiums are only covering the expense of legal costs whilst the average claim evaluated versus companies corresponds to to 40 or half of the base salary of employee is there any point in securing 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 penalty and interest for the most part I haven’t seen it a minimum of so uh the the other area that I do believe 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK