Managing payroll worldwide is a difficult job … Papaya Global Staff Numbers…
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 announced settlements there’s also considerable legal costs there’s there’s other charges there’s other costs behind that also so the overall cost can be extremely substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so incorrect is truly simply the rules are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a great deal of uncertainty amongst companies on what it actually means and how you handle it most employers are merely not familiar with the guidelines and and act as if the the rules 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 okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the worker Papaya Global Example especially when it comes to their own tax liabilities social security and advantages for instance jury and obviously the employees the opposite of the coin
How much revenue does the company make? Papaya Global Staff Numbers
Over the last five or six years …Papaya Global Staff Numbers… roles on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort 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 raining here it’s extremely extremely dreary and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also 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 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 ends up being increasingly more intricate Global companies are looking to find Solutions and new methods to streamline processes particularly from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different savings account in some cases in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a difficult task into a strategic asset.
due to various policies, compliance requirements, data security issues, and banking guidelines. The large number of employees and organizations adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and inadequacies. In spite of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and solutions to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in international payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed that they do not 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 bad HCM information data entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require to be considered 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 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 intricacy any place you look best eventually building a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if but some infants 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 acknowledgment that payroll payments are definitely essential and innovation is allowing us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance groups work closer together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody 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 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by organizations across the world so once again you’re just aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a business 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 information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand 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 efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason that 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 service has from a cost viewpoint from an impact perspective on workers it is definitely critical 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 have to be done right it has the greatest damaging effect on individuals’s well-being and many other elements if people aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is vital to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first International Payments first payroll payment solution is a fantastic preliminary action towards providing a detailed payroll service for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and bank accounts required for worldwide payroll are crucial factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know 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 easy as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to return to everyone so moving on appearance why do companies pick to main different bank accounts there are Papaya Global Staff Numbers services out there doing exactly this for specific nations and I’ve worked in a business or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s dealing with that process 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 numerous reasons one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a process that needs looking at it requires altering but ultimately individuals are really stuck to what they recognize
with ideal um modification is a difficult thing we all do not like modification um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining several checking account however there’s a big quantity of complexity opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big but I believe the truthful answer is change um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse 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 so there is a lot to monitor and this approach does posture a number of obstacles um so Johnny could you tell us about those difficulties yeah of course 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 actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Staff Numbers
I find time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the customer why it’s optimum generally to the customer why you must be utilized or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker 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 actually gone by they haven’t contributed to pensions And so on so it’s a big effect that they never knew they were walking 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 taking out insurance against misclassification however normally premiums are only covering the cost of legal costs whilst the average claim examined against companies relates to to 40 or 50 percent of the base pay of employee is there any point in taking out 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 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 coverage 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 truth that you were not in compliance with laws um in the UK