Managing payroll worldwide is a challenging job … Papaya Global ◊Õ◊™◊Ï◊Ë◊™…
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 announced settlements there’s also significant legal expenses there’s there’s other penalties there’s other costs behind that as well 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 business are getting it so incorrect is really just the rules are complicated and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for several years now and and still a great deal of uncertainty among companies on what it really implies and how you deal with it most companies are simply not knowledgeable about the rules and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a category point of view okay thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the employee Boost Hr Efficiency On A Budget With Papaya Global particularly when it comes to their own tax liabilities social security and benefits for instance jury and undoubtedly the employees the opposite of the coin
How much revenue does the company make? Papaya Global ◊Õ◊™◊Ï◊Ë◊™
Over the last 5 or 6 years …Papaya Global ◊Õ◊™◊Ï◊Ë◊™… roles on the provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them ends up being a growing number of complex Global companies are looking to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment viewpoint numerous organizations keep different checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain different checking account sometimes in various countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add more complexity the global Labor force is currently three and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really very basic there’s no genuine consistency structure we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical cost of a worldwide 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 perspective and in your experience what else needs to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 complexity any place you look right eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by businesses across the world so once again you’re just aiming to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact viewpoint on workers it is absolutely critical 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 biggest damaging impact on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been astonished coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind 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 workers or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific first step um offering an end-to-end payroll option for your workers internationally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and decreasing 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely 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 look through them and actually see what was going on and kind of shot to return to everybody so carrying on appearance why do companies choose to primary separate bank accounts there are Papaya Global ◊Õ◊™◊Ï◊Ë◊™ businesses out there doing exactly this for particular countries and I have actually operated in a service or many companies doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and any person that’s handling that process 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 many reasons one is it’s the standard I believe individuals have actually got so utilized to we need a brand-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 requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing however eventually people are really stuck to what they recognize
with best um change 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 certainly the advantages of having preserving several checking account however there’s a huge amount of complexity chooses establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is big but I think the honest answer is modification um individuals haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this method does posture numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety 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 International employees you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global ◊Õ◊™◊Ï◊Ë◊™
I find time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the customer why it’s optimum mainly to the customer why you should be utilized or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification but normally premiums are just covering the cost of legal costs whilst the average claim assessed versus companies equates to to 40 or 50 percent of the base salary 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 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 believe if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK