Handling payroll globally is a difficult task … Papaya Global Board Of Directors…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also significant legal costs there’s there’s other penalties there’s other expenses behind that too so the total cost can be extremely considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is actually just the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a lot of unpredictability amongst companies on what it truly means and how you handle it most companies are just not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be really 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 business that suffers in the long run what results can this have on the worker How Do I Remove An Employee From Payroll On Papaya Global particularly when it comes to their own tax liabilities social security and advantages for example jury and clearly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Board Of Directors
Over the last five or six years …Papaya Global Board Of Directors… roles on the provider side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join all of us 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 sort of like see where everybody originates from and I actually 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 really uninspiring and I want I was somewhere else at this moment in time okay 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 maintain separate
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession 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.
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most notably guidelines compliance data security and banking guidelines then there are the large numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 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 around the globe in the conventional payroll model there’s typically an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or really really basic there’s no genuine consistency framework we’re residing in an age 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 which just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of international services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost of an international data 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 don’t run efficiently if they depend on the essential several 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 difficulties company face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 complexity any place you look ideal eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to add to kind of the level of complexity there’s more and more benefits being organ or being provided by services across the world so again you’re just aiming to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost perspective from an impact viewpoint on employees it is absolutely crucial that it’s done correctly and on time so what we mean 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 result on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 things is absolutely important that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll option for your workers worldwide once again I think is another big um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of 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 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 everybody that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t imagine 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 sort of shot to get back to everybody so proceeding look why do business select to main separate bank accounts there are Papaya Global Board Of Directors businesses out there doing precisely this for specific nations and I have actually worked in a service or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we do not have to and anyone that’s handling 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 amount that we are I believe many factors one is it’s the requirement I believe people have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that needs looking at it needs changing but eventually individuals are very stuck with what they recognize
with ideal um change is a challenging thing all of us don’t like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having preserving several checking account however there’s a big quantity of complexity goes with establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big however I think the sincere answer is modification um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this method does pose several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Board Of Directors
I find time and time again the workers often misclassified unconsciously they do not comprehend the conditions of employment or contract and are told by the customer why it’s optimum generally to the client why you need to be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits 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 actually gone by they have not added to pensions Etc so it’s a huge effect that they never ever 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 ten years um Kathy business are taking out insurance coverage versus misclassification however usually premiums are just covering the cost of legal costs whilst the average claim assessed versus employers equates to to 40 or half of the base salary of worker is there any point in securing insurance coverage 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 in most cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK