Managing payroll globally is a complicated task … The Papaya Global Company…
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 announced settlements there’s also substantial legal costs there’s there’s other charges there’s other expenses behind that as well so the overall expense can be really substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is actually just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of unpredictability amongst companies on what it actually indicates and how you handle it most companies are just not knowledgeable about the rules 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 perspective okay thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the employee Papaya Global Year End 2020 Guide particularly when it pertains to their own tax liabilities social security and benefits for example jury and clearly the workers the other side of the coin
How much revenue does the company make? The Papaya Global Company
Over the last five or 6 years …The Papaya Global Company… functions on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property 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 accurately efficiently safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international 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 currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming number of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely really standard there’s no real consistency framework we’re living in a period of tech but payroll has actually 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 simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is shipped to the wrong place 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 all over the world payroll and payments don’t run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a good concern I always throw this back and state what is it what does not require to be included ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work better together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the settlement landscape is ending up being progressively detailed. Organizations are constantly presenting brand-new advantages and payment options, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically sophisticated era, there’s no reason for maintaining troublesome procedures. Payroll, the company’s greatest expense, must be processed properly and on time. Even minor delays can adversely impact employees’ well-being and have significant effects. For that reason, it’s important to prioritize precise and prompt payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment solution is a terrific initial action towards supplying a detailed payroll solution for employees worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts required for global payroll are essential factors in attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.
anyhow we know how how important a function 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 involved in those processes and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everybody so carrying on look why do companies select to main different checking account there are The Papaya Global Company companies out there doing exactly this for particular countries and I have actually operated in a company or numerous businesses doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s dealing with 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 amount that we are I believe many factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs altering however ultimately individuals are very stuck to what they recognize
with best um modification is a difficult thing we all do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several bank accounts however there’s a big quantity of complexity goes with setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial however I think the honest answer is modification um people haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to monitor and this technique does pose numerous obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I just did you switched 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 Worldwide workers you deserve a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you The Papaya Global Company
I discover time and time again the workers frequently misclassified unconsciously they do not understand the conditions of employment or contract and are told by the client why it’s optimum primarily to the customer why you should be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance coverage versus misclassification however typically premiums are just covering the expense of legal costs whilst the typical claim evaluated against employers 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 read the small print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other location that I do think if you managed to get the protection what we are saying 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