Managing payroll internationally is an overwhelming task … Papaya Global Phone Support…
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 likewise substantial legal expenses there’s there’s other charges there’s other costs behind that too so the overall cost can be really substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is actually simply the rules are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of unpredictability among companies on what it actually means and how you handle it most employers 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 encourage you to to be very proactive as you’re engaging uh workers from a category viewpoint all right thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the staff member Papaya Global Version 27 Download specifically when it comes to their own tax liabilities social security and advantages for example jury and undoubtedly the employees the opposite of the coin
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Over the last five or six years …Papaya Global Phone Support… roles on the provider side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather 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 everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them becomes a growing number of intricate Worldwide organizations are wanting to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment standpoint many companies keep separate checking account just for payroll while some have several accounts in different countries does it make sense for business to maintain different checking account often in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a burdensome task into a strategic possession.
due to different policies, compliance requirements, data security issues, and banking rules. The large number of staff members and businesses contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and services to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international companies have expressed that they do not 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 data information entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is delivered 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 around the world payroll and payments do not run efficiently if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint 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 concern I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought of there’s varying Bank details 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 have 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 ideal ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by services across the world so again you’re just looking to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine tough kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on employees it is absolutely crucial that it’s done properly and on time so what we indicate 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 harmful impact on people’s wellness and many other elements if people aren’t paid uh I’ve constantly been astonished coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has 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 but eventually payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as 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 correctly so leveraging the first International Payments first payroll payment solution is a fantastic first step um offering an end-to-end payroll solution for your staff members internationally once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and decreasing the number of tools platforms and checking account they need for their Global 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 countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m simply 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 sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely 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 browse them and actually see what was going on and sort of try to get back to everybody so moving on look why do business choose to main different bank accounts there are Papaya Global Phone Support companies out there doing exactly this for particular countries and I’ve operated in an organization or lots of companies doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it requires changing but ultimately individuals are very stuck with what they’re familiar
with right um modification is a tough thing all of us do not like modification um so I think it’s just kind 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 comprehend undoubtedly the benefits of having maintaining numerous savings account however there’s a substantial quantity of complexity chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is huge but I believe the sincere answer is modification um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to monitor and this method does present several obstacles um so Johnny might you inform 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 Worldwide staff members you should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Phone Support
I discover time and time again the employees typically misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the client why you ought to be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added to pensions And so on so it’s a big impact that they never ever knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance coverage versus misclassification but typically premiums are just covering the expense of legal charges whilst the typical claim assessed versus employers corresponds to to 40 or 50 percent of the base salary of employee is there any point in securing 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 for the most part I haven’t seen it a minimum of so uh the the other area 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK