Handling payroll globally is a complicated task … Papaya Global Online Documents…
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 considerable legal expenses there’s there’s other charges there’s other costs behind that as well so the total expense can be really significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is actually just the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of uncertainty among business on what it really means and how you handle it most employers are simply not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a classification point of view okay thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the employee Export Data From Papaya Global particularly when it comes to their own tax liabilities social security and benefits for example jury and certainly the workers the opposite of the coin
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Over the last five or 6 years …Papaya Global Online Documents… functions on the service provider 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 quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 raining here it’s very extremely bleak and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely very basic there’s no real consistency structure we’re residing in an age of tech however payroll has actually been slow 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 whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not 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 errors inadequately communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average cost 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 globe payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what does not require to be consisted of best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve split 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 an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re just wanting to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely state that the bigger an organization 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 groups feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense perspective from an effect point of view on employees it is definitely important that it’s done properly and on time so what we imply 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 harmful effect on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also 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 International Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll option for your staff members worldwide again I believe is another big um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and savings account they require for their Worldwide 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 countless them within a payroll cycle do not expect to you do get the odd five or ten 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 in fact doing that for for the thanks
anyway we know how how crucial a function 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 involved in those procedures and also so imagine sorry I’m just I was simply gon na say picture 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 discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of try to return to everybody so carrying on appearance why do business pick to main different checking account there are Papaya Global Online Documents companies out there doing exactly this for specific countries and I’ve worked in a business or numerous businesses doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anyone that’s managing 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 numerous reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering but eventually individuals are very stuck with what they recognize
with best um change is a tough thing we all do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining multiple savings account but there’s a big amount of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is huge however I think the truthful response is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real 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 determined to be the next Century approximately there is a lot to keep an eye on and this technique does position several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I simply 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 Global workers you should have a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Online Documents
I discover time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the customer why it’s optimum primarily to the client why you need to be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not contributed to pensions And so on so it’s a huge impact that they never ever understood they were walking 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 coverage versus misclassification however usually premiums are just covering the cost of legal charges whilst the average claim evaluated versus employers corresponds to to 40 or half of the base pay of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other location 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK