Managing payroll globally is an overwhelming task … Papaya Global Server…
openly revealed 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 likewise considerable legal expenses there’s there’s other penalties there’s other expenses behind that also so the overall expense can be very considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason that companies are getting it so incorrect is actually just the rules are complex and they’re changing all the time believe ir-35 in the UK which has been a continuous advancement for numerous years now and and still a great deal of unpredictability amongst business on what it actually means and how you deal with it most companies are just 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 very proactive as you’re engaging uh employees from a category point of view alright thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the employee Papaya Global Sign In specifically when it concerns their own tax liabilities social security and benefits for example jury and undoubtedly the employees the opposite of the coin
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Over the last 5 or six years …Papaya Global Server… functions on the service provider side and likewise 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 everyone alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 drizzling here it’s extremely really dreary and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll likewise go over a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and managing them becomes more and more complex Global organizations are looking to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment viewpoint numerous organizations keep separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep separate bank accounts in some cases in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments precisely 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 bank account how business properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they include additional intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s typically a frustrating number of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely really basic 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 frequently with pen and paper and that just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global companies have expressed 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 because of time reporting poor HCM information information entry errors improperly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be consisted of best and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 wherever you look right ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if however some infants 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 absolutely fundamental and innovation is enabling us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I’ve split 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 estimation I would say no so why do we as a market 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 information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to add to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so again you’re just seeking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the bigger a service 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 groups feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost point of view from an impact point of view on workers it is definitely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on individuals’s wellness and many other aspects if people aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us find out 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 workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment option is an excellent primary step um supplying an end-to-end payroll solution for your workers internationally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate 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 suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can’t picture 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 kind of try to get back to everybody so moving on look why do business choose to primary separate bank accounts there are Papaya Global Server organizations out there doing exactly this for specific countries and I have actually operated in a service or lots of businesses doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 individuals have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but 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 actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing however eventually individuals are extremely stuck with what they’re familiar
with right um change is a hard thing all of us do not like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving multiple bank accounts but there’s a substantial quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is substantial however I think the honest response is change um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century approximately there is a lot to monitor and this technique does present numerous challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Enterprise 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 Worldwide employees you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Server
I discover time and time again the employees frequently misclassified unknowingly they do not understand the conditions of work or contract and are informed by the client why it’s most advantageous primarily to the customer why you need to be employed or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they have not added to pensions And so on so it’s a big impact that they never ever understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance coverage versus misclassification but typically premiums are just covering the cost of legal fees whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other location that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK