Managing payroll internationally is a challenging task … Papaya Global Western Sahara…
openly 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 also substantial legal costs there’s there’s other charges there’s other expenses behind that too so the overall cost can be very significant in the 10s of countless dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is really just the rules are complex and they’re altering all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of uncertainty among companies on what it truly suggests and how you handle it most companies are simply not familiar with the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a classification perspective all right thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the staff member Papaya Global 50 How To Change Payslip Sending Email specifically when it pertains to their own tax liabilities social security and benefits for example jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Papaya Global Western Sahara
Over the last 5 or six years …Papaya Global Western Sahara… roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all 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 type of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 very really uninspiring and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also review a recap which needs to leave his time at the really very 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 International labor forces end up being increasingly more typical and managing them becomes increasingly more complex Global companies are wanting to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies preserve different savings account just for payroll while some have several accounts in various nations does it make sense for business to preserve separate bank accounts in some cases in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business enhance the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and find how simplifying international payroll payments can change them from a difficult job into a tactical possession.
due to various regulations, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual procedures, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. Despite living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and options to simplify and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide organizations have revealed 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 because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be included ideal and what does
it need to be thought about there’s differing 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 client’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely vital however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to type of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 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 but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to add to sort of the level of intricacy there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re simply seeking to include more and more payments to this already 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 genuine difficulties or real challenging sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact viewpoint on employees it is definitely 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 have to be done right it has the biggest damaging effect on individuals’s well-being and many other aspects if people aren’t paid uh I’ve constantly been impressed entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 things is absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll solution for your employees internationally again I believe is another huge um process again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and savings account they need for their Global 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 don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks
anyway 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to get back to everyone so moving on appearance why do business select to main different savings account there are Papaya Global Western Sahara businesses out there doing precisely this for particular countries and I have actually worked in a business or many companies doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we do not 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 amount that we are I think many reasons 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 appropriately so you require it for payroll functions 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 the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering however ultimately people are very stuck to what they recognize
with best um modification is a tough thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several bank accounts however there’s a big amount of intricacy opts for establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is substantial however I believe the truthful response is change um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Business 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 workers you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Western Sahara
I find time and time again the workers frequently misclassified unwittingly they do not understand the conditions of work or agreement and are informed by the client why it’s most advantageous generally to the customer why you must be utilized or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be affected and a number of 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 have not contributed to pensions Etc so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are securing insurance against misclassification but typically premiums are just covering the expense of legal charges whilst the typical claim assessed versus companies relates to to 40 or half of the base salary of worker exists any point in taking out 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 for the most part I haven’t seen it at least so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK