Managing payroll globally is a difficult job … Papaya Global Oman…
publicly announced 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 likewise substantial legal costs there’s there’s other penalties there’s other expenses behind that as well so the total expense can be extremely substantial in the 10s of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so wrong is actually just the rules are complex and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a great deal of unpredictability amongst companies on what it really indicates and how you deal with it most companies are just not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a classification point of view alright thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee Does Papaya Global Payroll Have A Time Clock Feature especially when it concerns their own tax liabilities social security and advantages for instance jury and clearly the workers the other side of the coin
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Over the last 5 or 6 years …Papaya Global Oman… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already 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 definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll likewise discuss a wrap-up which ought to 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 International labor forces end up being increasingly more common and handling them ends up being increasingly more complex Global companies are wanting to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment standpoint lots of companies preserve separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep different bank accounts in some cases in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely extremely standard there’s no real consistency framework we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of global organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical expense of a global information 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 rely on the needed several procedures 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 difficulties company face when they’re making payments to staff members 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 ideal and what does
it need to be thought about 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 frequently 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by organizations across the world so once again you’re just looking to include a growing number of payments to this currently complex landscape so if you type 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 real challenging type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect point of view on workers it is absolutely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful impact on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed 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 workers or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a great initial step um offering an end-to-end payroll solution for your staff members internationally again I think is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and checking account they need 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’ve never ever had a hundred thousand of them within a payroll cycle do not 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 quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how essential 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many 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 envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to return to everybody so carrying on look why do companies select to primary different bank accounts there are Papaya Global Oman organizations out there doing precisely this for specific nations and I’ve operated in a company or many services doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not need to and anyone that’s dealing with 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 amount that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we need a brand-new checking 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 think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however eventually people are really stuck to what they’re familiar
with ideal um modification is a difficult thing we all do not like modification um so I think it’s just type of moving far 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 keeping several checking account however there’s a huge amount of complexity goes with establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is huge however I believe the truthful response is modification um people have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to track and this technique does position numerous difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I 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 feels like our CFO has gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Oman
I find time and time again the employees often 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 must be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several 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 contributed to pensions Etc so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance coverage against misclassification but typically premiums are just covering the expense of legal costs whilst the typical claim assessed against companies corresponds to to 40 or half of the base pay of employee exists any point in getting insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other area 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK