Managing payroll worldwide is a difficult task … Is Papaya Global Payroll Good…
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 significant legal costs there exists’s other penalties there’s other costs behind that as well so the total expense can be very substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is truly just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a lot of uncertainty among business on what it really indicates and how you handle it most employers are just not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a category point of view 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 staff member Can You Open A Papaya Global Account Once Canclled especially when it comes to 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? Is Papaya Global Payroll Good
Over the last 5 or six years …Is Papaya Global Payroll Good… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them ends up being a growing number of complex Global organizations are aiming to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment standpoint lots of organizations keep separate savings account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain separate bank accounts in some cases in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they add additional intricacy the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating variety of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very extremely fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the typical cost of an international information 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 count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be consisted of best 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 nation there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to type of move on with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you stroll 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re just aiming to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on workers 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 have to be done right it has the biggest harmful impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the first International Payments first payroll payment option is a fantastic preliminary action towards offering a comprehensive payroll solution for workers worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and bank accounts essential for global payroll are essential consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway we know how how important a role 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 everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh definitely 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 check out them and in fact see what was going on and kind of try to get back to everyone so carrying on appearance why do business choose to primary different bank accounts there are Is Papaya Global Payroll Good companies out there doing precisely this for specific countries and I’ve operated in a service or lots of organizations doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person 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 think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think people have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals 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 range I think this is a process that requires looking at it needs altering but eventually people are very stuck to what they’re familiar
with ideal um change is a challenging thing we all don’t like change um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving several checking account however there’s a huge quantity of complexity opts for setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is big however I think the truthful response is change um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides 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 however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to monitor and this approach does present several challenges um so Johnny could you tell us about those difficulties yeah obviously 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 International employees you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Is Papaya Global Payroll Good
I find time and time again the employees often misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the customer why it’s optimum generally to the customer why you must be employed or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t added to pensions Etc so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are securing insurance coverage against misclassification however generally premiums are only covering the expense of legal fees whilst the typical claim evaluated against employers 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 small print it is not covering the taxes penalty and interest most of the times I haven’t seen it a minimum of so uh the the other location that I do think if you managed to get the protection 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