Handling payroll globally is a difficult task … Papaya Global Djibouti…
publicly revealed 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 substantial legal expenses there exists’s other charges there’s other costs behind that also so the total expense can be extremely considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is really just the rules are complex and they’re altering all the time think ir-35 in the UK which has been a continuous development for a number of years now and and still a lot of uncertainty amongst companies on what it truly suggests and how you handle it most employers are merely 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 viewpoint okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member How Much More Is Papaya Global For Over 15 Employees especially when it concerns their own tax liabilities social security and benefits for example jury and clearly the employees the other side of the coin
How much revenue does the company make? Papaya Global Djibouti
Over the last five or 6 years …Papaya Global Djibouti… roles on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very dreary and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses 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 sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add additional intricacy the global 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 individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s often a frustrating number of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really very basic there’s no genuine consistency framework we’re living 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 frequently with pen and paper and that simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international businesses 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 errors are because of time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary numerous 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 difficulties organization face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be included best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 typically 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 however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re just wanting to add increasingly 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’m sure however have you got any experience in kind of real obstacles or genuine tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from a cost point of view from an impact perspective on employees it is absolutely critical that it’s done correctly 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 destructive result on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this kind 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 staff members or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great first step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they need for their International 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyhow we know 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 everyone that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na say envision 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 talking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of try to get back to everybody so carrying on look why do business choose to main separate bank accounts there are Papaya Global Djibouti companies out there doing exactly this for particular countries and I’ve worked in a service or numerous companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I believe people have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think 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 people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however eventually individuals are very stuck with what they recognize
with best um change is a tough thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping multiple bank accounts however there’s a huge quantity of complexity chooses establishing a bank account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is big but I think the sincere response is change um people haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this method does position a number of difficulties um so Johnny might 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 Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Djibouti
I find time and time again the employees often misclassified unwittingly they don’t understand the conditions of employment or agreement and are informed by the client why it’s optimum primarily to the customer why you need to be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions And so on so it’s a big impact 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 securing insurance coverage versus misclassification but usually premiums are only covering the expense of legal charges whilst the typical claim evaluated versus companies relates to to 40 or half of the base salary of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK