Managing payroll worldwide is a complicated task … Papaya Global Payroll Onboarding…
openly revealed 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 likewise significant legal expenses there exists’s other charges there’s other expenses behind that also so the overall cost can be very significant in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is truly simply the rules are intricate and they’re altering all the time believe ir-35 in the UK which has been an ongoing development for a number of years now and and still a lot of unpredictability amongst companies on what it truly implies and how you deal with it most employers are just not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a classification viewpoint all right thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the staff member Papaya Global Update New Tax Year Software particularly when it concerns their own tax liabilities social security and benefits for example jury and certainly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Payroll Onboarding
Over the last five or 6 years …Papaya Global Payroll Onboarding… functions on the service provider side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type 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 drizzling here it’s extremely really bleak and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise review a recap which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes a growing number of complicated International companies are wanting to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint numerous companies maintain different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain separate checking account sometimes in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies enhance the episode complex procedures of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very really standard there’s no real consistency structure we’re residing in a period 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 often with pen and paper and that just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in international payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide businesses have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of ideal 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely critical however all over 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 take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 often 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is becoming increasingly intricate. Organizations are constantly presenting brand-new advantages and payment options, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s technically sophisticated period, there’s no validation for keeping troublesome treatments. Payroll, the business’s greatest expense, must be processed properly and on time. Even small delays can negatively affect workers’ wellness and have far-reaching repercussions. For that reason, it’s important to focus on precise and prompt payments.
payroll group get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem 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 properly so leveraging the first Worldwide Payments first payroll payment option is a great first step um supplying an end-to-end payroll option for your employees globally again I think is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of organizations and lowering 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 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 complaints where things haven’t gone quite where they’re meant to be um I don’t think 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 likewise so think of sorry I’m simply I was just gon na state think of 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 speaking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everybody so moving on appearance why do companies pick to main separate savings account there are Papaya Global Payroll Onboarding services out there doing exactly this for specific nations and I’ve worked in a company or many businesses doing exactly that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and any person that’s dealing with that procedure 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 think people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing but ultimately people are extremely stuck to what they recognize
with right um modification is a hard thing we all don’t like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining multiple checking account but there’s a huge quantity of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is big but I believe the honest answer is modification um individuals haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect 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 carrying on and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep track of and this approach does pose a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I 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 gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Payroll Onboarding
I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of employment or contract and are told by the client why it’s optimum mainly to the client why you should be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 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 business are securing insurance versus misclassification but typically premiums are just covering the expense of legal charges whilst the typical claim examined versus companies relates to to 40 or 50 percent of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the fine 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 location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK