Managing payroll worldwide is an overwhelming job … Save Money And Improve Business With Papaya Global Hr…
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 also significant legal expenses there exists’s other penalties there’s other costs behind that as well so the total cost can be extremely substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is actually simply the guidelines are complex and they’re altering all the time think ir-35 in the UK which has been an ongoing development for a number of years now and and still a great deal of uncertainty amongst business on what it actually means and how you handle it most companies are just not familiar with the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a category perspective okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what results can this have on the worker Papaya Global How To Pause Automated Payroll specifically when it comes to their own tax liabilities social security and advantages for example jury and certainly the employees the other side of the coin
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Over the last 5 or six years …Save Money And Improve Business With Papaya Global Hr… functions on the company side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 really really uninspiring and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also go over a recap and that needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and handling them ends up being increasingly more intricate Worldwide organizations are aiming to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment perspective numerous companies keep separate bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to preserve separate bank accounts in some cases in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a burdensome task into a tactical possession.
due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, information silos, and a lack of integration, leading to disparities and inefficiencies. Despite residing in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and options to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce 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 a picture they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global organizations have revealed 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 due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be included best and what does
it require to be thought of there’s varying Bank details 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 have 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 important 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 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 fundamental and innovation is allowing us to type of move on with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 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 procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to add to sort of the level of complexity there’s more and more benefits being organ or being used by services across the world so once again you’re simply wanting to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely say that the larger 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 groups feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is a terrific preliminary step towards offering a thorough payroll solution for employees worldwide. Standardization, global processes, and lowering the number of tools, platforms, and checking account needed for worldwide payroll are key factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyhow we know how how crucial 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 associated with those processes and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely 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 browse them and really see what was going on and sort of shot to get back to everybody so proceeding appearance why do business pick to main separate bank accounts there are Save Money And Improve Business With Papaya Global Hr companies out there doing exactly this for specific countries and I’ve operated in an organization or numerous companies doing exactly that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t need to and any person that’s handling that process 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 lots of reasons one is it’s the requirement I believe individuals have got so used 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 think 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 people have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs changing however eventually individuals are really stuck to what they recognize
with best um modification is a difficult thing we all do not like modification um so I think it’s simply kind of moving away 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 maintaining multiple checking account however there’s a substantial quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is substantial however I believe the honest response is modification um individuals have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you changed our Enterprise 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 staff members you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Save Money And Improve Business With Papaya Global Hr
I find time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the customer why it’s optimum mainly to the customer why you need to be used or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities 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 actually gone by they have not 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 say the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance versus misclassification however usually premiums are just covering the expense of legal fees whilst the average claim examined against companies relates to to 40 or 50 percent of the base pay of employee exists any point in getting insurance coverage 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 penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area 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 rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK