Managing payroll worldwide is a complicated task … Can Papaya Global Reverse A Payroll Deposit…
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 announced settlements there’s also substantial legal costs there’s there’s other penalties there’s other costs behind that too so the total expense can be extremely substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so incorrect is actually simply the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a lot of unpredictability among companies on what it truly means and how you deal with 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 very proactive as you’re engaging uh workers from a classification perspective all right thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the staff member Papaya Global Multiple Email Addresses particularly when it concerns their own tax liabilities social security and advantages for example jury and undoubtedly the employees the other side of the coin
How much revenue does the company make? Can Papaya Global Reverse A Payroll Deposit
Over the last five or 6 years …Can Papaya Global Reverse A Payroll Deposit… functions on the company side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join all of us 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 already just to hear where everyone is um it’s nice to to sort 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 very very gloomy and I wish I was elsewhere 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 obstacle years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise review a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them ends up being increasingly more intricate Global organizations are wanting to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment standpoint lots of organizations maintain different savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve different bank accounts in some cases in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they include additional complexity the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global services have expressed 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 information entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a good question I constantly 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 varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 intricacy anywhere you look best eventually developing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some infants 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 definitely fundamental and technology is permitting us to kind of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work better 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 profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information 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
world we live in and wellness being a growing number of important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being provided by services throughout the world so once again you’re simply aiming to add more and more payments to this currently intricate landscape so if you type 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 obstacles or real challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details 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 doesn’t necessarily require to be the case you understand long gone are the times where we require to produce 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 require to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost viewpoint from an effect perspective on workers it is definitely crucial 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 biggest damaging impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been told 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 staff members or not um however ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a great first step um providing an end-to-end payroll service for your staff members globally again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and lowering 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 regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do companies select to primary separate bank accounts there are Can Papaya Global Reverse A Payroll Deposit businesses out there doing precisely this for specific countries and I’ve operated in a company or many services doing precisely that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe individuals have got so used to we need a new savings account we open an entity and rightly so you require 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 actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of 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 changing however eventually people are extremely stuck to what they recognize
with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving numerous savings account however there’s a big quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is huge however I think the honest response is change um people have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep track of and this method does present a number of challenges um so Johnny could you tell 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 employees you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Can Papaya Global Reverse A Payroll Deposit
I find time and time again the employees typically misclassified unconsciously they don’t understand the conditions of work or contract and are told by the client why it’s most advantageous primarily to the customer why you ought to be used or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker 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 passed they have not contributed to pensions And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance coverage versus misclassification however normally premiums are just covering the cost of legal fees whilst the typical claim examined against companies corresponds to to 40 or half 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 need to read the small print it is not covering the taxes penalty and interest for the most part I haven’t 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 stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK