Managing payroll globally is a difficult task … Papaya Global Vs Kronos…
publicly announced 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 substantial legal costs there exists’s other charges there’s other costs behind that too so the total expense can be extremely significant in the tens of millions of dollars or more and and those amounts are growing uh the reason business are getting it so incorrect is really simply the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a great deal of uncertainty amongst business on what it truly implies and how you deal with it most companies are just not knowledgeable about 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 extremely proactive as you’re engaging uh workers from a category viewpoint fine thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee Papaya Global Database Encryption especially when it concerns their own tax liabilities social security and advantages for example jury and certainly the workers the opposite of the coin
How much revenue does the company make? Papaya Global Vs Kronos
Over the last five or six years …Papaya Global Vs Kronos… roles on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 very really bleak and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and find how improving international payroll payments can change them from a burdensome job into a strategic possession.
due to numerous policies, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and organizations contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and an absence of integration, causing inconsistencies and inadequacies. In spite of living in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to supply insights and services to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on global payroll the less of an image they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they rely on the required 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 organization face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be included best and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing 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 varying Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 procedure 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 live in and wellness being increasingly more important to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses across the world so once again you’re just aiming to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely state that the bigger 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 groups feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know 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 appropriately as you said payroll is the single biggest liability that any company has from a cost perspective from an effect point of view on employees it is absolutely crucial 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 have to be done right it has the biggest detrimental impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has actually 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 employees or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 stuff is definitely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is an excellent first step um providing an end-to-end payroll service for your employees internationally again I think is another substantial um process again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and bank accounts they require 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 have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do companies pick to primary separate savings account there are Papaya Global Vs Kronos organizations out there doing exactly this for particular nations and I have actually worked in a business or lots of companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and any person 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 amount that we are I think numerous factors one is it’s the standard I think people have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires changing but eventually people are extremely stuck to what they recognize
with best um modification is a hard thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving numerous checking account however there’s a huge amount of complexity chooses setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is substantial but I think the truthful answer is modification um people haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to track and this approach does position numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Business 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 acquired another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Vs Kronos
I discover time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the customer why you should be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker 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 actually passed they haven’t added to pensions And so on so it’s a big impact that they never 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 against misclassification however usually premiums are just covering the cost of legal costs whilst the typical claim examined versus companies relates to to 40 or 50 percent of the base salary 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 small print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area that I do think 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 rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK