Managing payroll globally is an overwhelming task … Pay Elements Papaya Global…
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also considerable legal costs there’s there’s other penalties there’s other expenses behind that as well so the total cost can be extremely significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is really simply the rules are complicated and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a lot of unpredictability among companies on what it actually indicates and how you deal with it most companies are just not familiar with the guidelines 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 employees from a classification perspective alright 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 worker Is Papaya Global Payroll Easy specifically when it pertains to their own tax liabilities social security and advantages for example jury and undoubtedly the workers the other side of the coin
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Over the last five or six years …Pay Elements Papaya Global… roles on the service provider side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely gloomy and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 worldwide in the traditional payroll design there’s frequently an overwhelming number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really very fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the required multiple 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 organization face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m always surprised 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 occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so once again you’re just aiming to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the bigger an organization 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 information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require 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 just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason that 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 perspective on workers it is absolutely important that it’s done correctly 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 harmful result on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll solution for your workers globally once again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of organizations and reducing the variety of tools platforms and bank accounts they require for their Global payroll too couldn’t 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 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 grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks
anyway we understand how how crucial a role 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely 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 check out them and in fact see what was going on and kind of shot to return to everyone so proceeding look why do companies choose to primary separate bank accounts there are Pay Elements Papaya Global companies out there doing precisely this for specific countries and I have actually worked in a business or numerous businesses doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe 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 think people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it requires altering however ultimately people are very stuck to what they recognize
with ideal um change is a hard thing all of us don’t like modification um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining numerous bank accounts however there’s a substantial amount of complexity opts for establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is substantial but I believe the truthful response is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however 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 could practically be identified to be the next Century approximately there is a lot to keep track of and this technique does position numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Pay Elements Papaya Global
I discover time and time again the employees often misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the client why it’s optimum mainly to the client why you need to be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and a number of 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 Etc so it’s a big effect that they never ever knew they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance versus misclassification however normally premiums are just covering the expense of legal costs whilst the typical claim examined versus companies relates to to 40 or half of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in many cases I haven’t seen it at least 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 fact that you were not in compliance with laws um in the UK