Managing payroll globally is an overwhelming job … Papaya Global 14…
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 revealed settlements there’s also significant legal expenses there’s there’s other penalties there’s other expenses behind that as well so the overall cost can be really considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is actually just the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a lot of unpredictability amongst business on what it really implies and how you deal with it most companies are merely not aware of the guidelines 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 employees from a category perspective all right thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee Papaya International Market Fresno particularly when it concerns their own tax liabilities social security and advantages for example jury and undoubtedly the employees the opposite of the coin
How much revenue does the company make? Papaya Global 14
Over the last 5 or six years …Papaya Global 14… functions on the service provider side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s very really gloomy and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll likewise review a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them becomes increasingly more complex International organizations are aiming to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to keep separate savings account in some cases in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include further complexity the worldwide Labor force is currently 3 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 consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s often an overwhelming number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide services have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors poorly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included best and what does
it need 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 time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply looking to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the bigger an organization 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 teams feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost point of view from an impact perspective on workers 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 need to be done right it has the greatest destructive result on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been astonished entering into this Market sort of the last five to ten years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just see when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. Therefore, it is vital to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment option is a great preliminary action towards providing a comprehensive payroll service for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and bank accounts required for worldwide payroll are crucial factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway we know how how crucial a function 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 associated with those processes and also so think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean up 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 need days of the week to attempt to check out them and really see what was going on and kind of shot to return to everybody so carrying on look why do business pick to primary different checking account there are Papaya Global 14 services out there doing precisely this for specific nations and I have actually operated in an organization or lots of services doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s handling 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 think lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you need 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 gone past to contribute to that individuals have taken a look 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 needs taking a look at it needs changing but eventually individuals are really stuck with what they’re familiar
with right um change is a tough thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous savings account however there’s a huge amount of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big however I think the honest answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture several obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global 14
I discover time and time again the workers often misclassified unwittingly they do not comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the customer why you need to be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions And so on so it’s a huge effect that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are securing insurance against misclassification but normally premiums are only covering the expense of legal fees whilst the average claim assessed versus companies corresponds to to 40 or half of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of 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 denied protection on the basis of the truth that you were not in compliance with laws um in the UK