Managing payroll globally is a difficult task … Where Does Papaya Global Payroll Categorize Employee Taxes…
How much revenue does the company make? Where Does Papaya Global Payroll Categorize Employee Taxes
Over the last five or six years …Where Does Papaya Global Payroll Categorize Employee Taxes… roles on the supplier side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a challenging task into a strategic possession.
due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large variety of workers and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of integration, resulting in disparities and inadequacies. Despite living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on international payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of an international 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 don’t run efficiently if they depend on the needed numerous 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 difficulties organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s differing 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to type of move on with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to add to kind of the level of intricacy there’s more and more advantages being organ or being used by services throughout the world so once again you’re just seeking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on staff members it is absolutely vital that it’s done properly and on time so what we imply 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 effect on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe 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 correctly so leveraging the first Global Payments first payroll payment solution is an excellent primary step um offering an end-to-end payroll solution for your staff members internationally again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and reducing the number of tools platforms and savings account they require for their International payroll too couldn’t 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 don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 associated with those processes and also so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of try to get back to everybody so carrying on look why do business select to primary different bank accounts there are Where Does Papaya Global Payroll Categorize Employee Taxes services out there doing precisely this for specific countries and I’ve worked in a company or numerous organizations doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and any person that’s managing that procedure 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 think numerous factors one is it’s the requirement I believe people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it needs altering but ultimately individuals are very stuck with what they recognize
with best um change is a challenging thing we all don’t like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving several savings account however there’s a substantial amount of complexity goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful response is modification um people haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve constantly 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 almost be figured out to be the next Century or so there is a lot to monitor and this method does pose a number of challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Where Does Papaya Global Payroll Categorize Employee Taxes
I discover time and time again the workers typically misclassified unwittingly they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you must be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not added to pensions And so on so it’s a big impact that they never ever knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance against misclassification but normally premiums are only covering the cost of legal charges whilst the average claim examined versus companies equates to to 40 or 50 percent of the base salary of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK