Handling payroll globally is a challenging job … Papaya Global China…
publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also considerable legal expenses there’s there’s other charges there’s other costs behind that also so the overall cost can be really substantial in the tens of countless dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is truly just the guidelines are intricate and they’re changing all the time think ir-35 in the UK which has been a continuous development for numerous years now and and still a lot of uncertainty among companies on what it really means and how you deal with it most companies are merely not familiar with the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a category viewpoint alright 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 employee How Will I Import A Papaya Global Payroll Run Into Xero particularly when it comes to their own tax liabilities social security and benefits for instance jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global China
Over the last five or six years …Papaya Global China… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind 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 really extremely dreary and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they include additional complexity the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s frequently an overwhelming number of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really very standard there’s no genuine consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in international payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global services have 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 because of time reporting bad HCM information information entry errors poorly communicated hires and terminations along with lack management and system setups and after that 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 when payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the needed numerous processes systems and partners it is simply 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 staff members or otherwise that’s a good concern I constantly throw 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 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 abilities 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 customer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if however some babies 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 absolutely fundamental and innovation is permitting us to type of move on with that it also too to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work closer together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the compensation landscape is becoming progressively detailed. Organizations are continually presenting brand-new advantages and payment alternatives, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s highly innovative era, there’s no justification for maintaining troublesome treatments. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even slight delays can negatively affect workers’ well-being and have significant consequences. Therefore, it’s crucial to focus on precise and timely payments.
payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic initial step um offering an end-to-end payroll option for your staff members worldwide once again I believe is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their Global 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 do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision 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 a fascinating task trying to clean all those up for sure oh definitely 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 really see what was going on and sort of try to return to everybody so carrying on look why do companies pick to primary different bank accounts there are Papaya Global China companies out there doing exactly this for particular countries and I’ve worked in a business or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s managing 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 amount that we are I think numerous factors one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they recognize
with ideal um change is a tough thing we all do not like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple savings account but there’s a substantial quantity of complexity 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 people so the complexity is huge however I think the honest response is modification um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding 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 approach does pose numerous difficulties um so Johnny could you tell us about those obstacles yeah obviously 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 Global employees you should have a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global China
I discover time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s optimum generally to the client why you ought to be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care benefits 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 haven’t added to pensions And so on so it’s a big effect that they never ever understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance against misclassification but typically premiums are just covering the cost of legal charges whilst the average claim examined against companies corresponds to to 40 or half of the base salary of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty 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 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