Managing payroll worldwide is a difficult job … Papaya Global Holiday Scheme…
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also substantial legal costs there exists’s other charges there’s other costs behind that also so the overall cost can be extremely substantial 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 simply the rules are intricate and they’re changing all the time think ir-35 in the UK which has actually been an ongoing development for numerous years now and and still a lot of uncertainty among business 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 guidelines are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category perspective fine 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 staff member Link Papaya Global To Accounts especially when it pertains to their own tax liabilities social security and advantages for example jury and certainly the employees the other side of the coin
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Over the last five or six years …Papaya Global Holiday Scheme… roles on the company side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give 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 already just to hear where everyone is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise go over a wrap-up and that should leave his time at the very extremely 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 increasingly more typical and handling them becomes more and more complex Global organizations are looking to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep different bank account just for payroll while some have several accounts in different nations does it make sense for companies to preserve different checking account in some cases in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to optimize working capital, and discover how enhancing global payroll payments can change them from a burdensome task into a tactical asset.
due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer number of employees and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of integration, leading to disparities and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and options to simplify and enhance worldwide 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 offers me sleepless nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a good question I always throw this back and state what is it what does not need to be consisted of best 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 nation there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if but some infants 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 fundamental and technology is allowing us to sort of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by companies across the world so once again you’re just aiming to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely say that the bigger a company 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 teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact perspective on staff members it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on people’s wellness and lots of other elements if individuals aren’t paid uh I have actually always been surprised entering this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been informed 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 employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just 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 things is definitely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll solution for your workers internationally again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and decreasing the number 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 regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture 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 absolutely I can’t imagine the size of my my Outlook inbox if that was the case 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 return to everybody so carrying on look why do business pick to main different bank accounts there are Papaya Global Holiday Scheme companies out there doing exactly this for specific nations and I’ve operated in a company or lots of businesses doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe people have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it needs changing however ultimately individuals are really stuck with what they’re familiar
with ideal um modification is a tough thing all of us do not like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining numerous bank accounts however there’s a huge quantity of intricacy opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is big however I think the truthful response is modification um individuals have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this method does position several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Holiday Scheme
I find time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of work or agreement and are told by the customer why it’s optimum primarily to the customer why you need to be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker 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 passed they haven’t added to pensions Etc so it’s a big impact that they never knew 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 getting insurance coverage against misclassification however usually premiums are just covering the expense of legal costs whilst the average claim examined versus employers relates to to 40 or 50 percent of the base salary of worker exists any point in securing 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 most of the times 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 saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK