Handling payroll globally is a difficult job … Papaya Global 2015 System Requirements…
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 revealed settlements there’s also substantial legal expenses there exists’s other penalties there’s other costs behind that as well so the overall expense can be extremely considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is really simply the guidelines are intricate and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a lot of uncertainty among companies on what it really indicates and how you handle it most employers are simply not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a category viewpoint okay 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 employee Change Papaya Global Folder especially when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin
How much revenue does the company make? Papaya Global 2015 System Requirements
Over the last five or 6 years …Papaya Global 2015 System Requirements… functions on the company side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody 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 currently simply to hear where everyone is um it’s nice to to type of like see where everyone 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 drizzling here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or really extremely standard there’s no real consistency framework we’re residing in an era of tech however payroll has 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 believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide services have actually expressed 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 due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included best and what does
it require to be considered there’s differing 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 capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely vital however all over you look with payroll payment they resemble extremely payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to type of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m always amazed when people 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 divide the payroll payment from calculation I would say no so why do we as a market 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is becoming significantly detailed. Services are constantly presenting new advantages and payment choices, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly advanced period, there’s no reason for maintaining troublesome treatments. Payroll, the company’s greatest cost, must be processed correctly and on time. Even minor delays can negatively affect employees’ well-being and have far-reaching consequences. For that reason, it’s critical to prioritize accurate and timely payments.
payroll group get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll service for your workers globally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and savings account they require for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we know 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 everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and sort of shot to get back to everybody so carrying on look why do companies choose to main separate savings account there are Papaya Global 2015 System Requirements companies out there doing exactly this for specific nations and I have actually operated 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 understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe people have got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing however eventually individuals are extremely stuck to what they recognize
with ideal um change is a tough thing all of us 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 comprehend obviously the benefits of having keeping several checking account however there’s a substantial amount of intricacy goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big however I believe the truthful answer is modification um individuals haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this approach does posture a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 2015 System Requirements
I discover time and time again the employees typically misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the client why it’s optimum mainly to the client why you ought to be employed or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions Etc so it’s a huge effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance versus misclassification however usually premiums are only covering the cost of legal fees whilst the average claim assessed versus companies relates to to 40 or 50 percent of the base salary of employee is there any point in securing 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 at least 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK