Managing payroll worldwide is a challenging job … Papaya Global Portugal…
openly revealed 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 likewise considerable legal expenses there exists’s other penalties there’s other expenses behind that too so the overall cost can be extremely considerable in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is really simply the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of uncertainty amongst business on what it really indicates and how you deal with it most companies are simply not aware of 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 really proactive as you’re engaging uh workers from a category perspective all right thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the employee Papaya Global Turn Off Benefits For Bonus Payroll Run particularly when it pertains to their own tax liabilities social security and benefits for example jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Portugal
Over the last 5 or six years …Papaya Global Portugal… functions on the company side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two 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 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 drizzling here it’s extremely really dreary and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a tactical property.
due to various policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and services contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of integration, leading to disparities and inefficiencies. Despite living in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and services to simplify and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international businesses 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 bad HCM information information entry errors badly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the essential numerous procedures 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 challenges service face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be included best and what does
it need to be considered there’s varying 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll 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 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being used by services across the world so again you’re just looking to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect perspective on employees it is absolutely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental effect on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll solution for your employees worldwide once again I think is another big um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about 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 but it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to return to everybody so carrying on look why do business pick to main different bank accounts there are Papaya Global Portugal organizations out there doing exactly this for specific nations and I’ve worked in an organization or lots of organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and any person 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 quantity that we are I believe lots of factors one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually people are extremely stuck with what they’re familiar
with best um change is a tough thing all of us don’t like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping numerous bank accounts however there’s a huge quantity of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge but I believe the truthful answer is modification um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose 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 recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Portugal
I find time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the customer why you should be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee 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 huge effect that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage against misclassification but usually premiums are only covering the cost of legal costs whilst the typical claim assessed against companies relates 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 require to read the fine print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK