Managing payroll globally is a challenging task … Papaya Global Dominica…
publicly announced 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 significant legal costs there’s there’s other charges there’s other expenses behind that as well so the overall cost can be very significant 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 just the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a lot of uncertainty amongst companies on what it actually means and how you handle it most employers are just not aware of the guidelines 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 viewpoint fine thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee How Do I Run A Papaya Global Payroll Service Report particularly when it concerns their own tax liabilities social security and benefits for example jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Papaya Global Dominica
Over the last 5 or 6 years …Papaya Global Dominica… roles on the company side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 gloomy and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most notably policies compliance data security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely standard there’s no real consistency structure we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included right and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 basic and innovation is permitting us to kind of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being offered by organizations across the world so once again you’re simply wanting to include increasingly more payments to this already complex landscape so if you type 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 obstacles or genuine challenging kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups 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 understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any business has from a cost point of view from an effect viewpoint on workers it is definitely vital that it’s done properly and on time so what we suggest 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 detrimental impact on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been surprised entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told 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 but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however 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 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 very first Worldwide Payments first payroll payment option is a great primary step um supplying an end-to-end payroll service for your employees globally once again I think is another big um process again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their Worldwide 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’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how essential a role 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 everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and type of try to return to everybody so proceeding appearance why do companies choose to main different bank accounts there are Papaya Global Dominica services out there doing precisely this for particular countries and I have actually operated in a service or many services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t have to and anyone 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 believe many reasons one is it’s the standard I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked 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 altering but ultimately people are really stuck to what they’re familiar
with best um modification is a challenging thing we all don’t like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple checking account however there’s a big amount of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is huge however I think the sincere response is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep track of and this technique does posture several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety 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 Global staff members you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Dominica
I find time and time again the workers often misclassified unconsciously they don’t understand the conditions of work or contract and are informed by the customer why it’s optimum mainly to the customer why you need to be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have gone by they have not added to pensions And so on so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are getting insurance versus misclassification but generally premiums are just covering the expense of legal fees whilst the average claim evaluated against companies relates to to 40 or half of the base pay of employee exists any point in taking out 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 charge and interest in many cases 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 saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK