Handling payroll internationally is a complicated job … Papaya Global Martinique…
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 announced settlements there’s also considerable legal costs there’s there’s other penalties there’s other expenses behind that also so the total cost can be really substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is truly just the rules are complex and they’re changing all the time think ir-35 in the UK which has actually been a continuous development for numerous years now and and still a great deal of uncertainty among business on what it actually suggests and how you deal with it most companies 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 encourage you to to be very proactive as you’re engaging uh workers from a classification viewpoint alright thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee Papaya Global Nominal Link Mark Postings As Complete especially when it pertains to their own tax liabilities social security and benefits for example jury and obviously the workers the opposite of the coin
How much revenue does the company make? Papaya Global Martinique
Over the last 5 or six years …Papaya Global Martinique… roles on the company side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 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 extremely really gloomy and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them ends up being more and more complicated Worldwide organizations are looking to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment standpoint numerous companies maintain different savings account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain separate bank accounts in some cases in various countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business enhance the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business anticipate payroll costs to enhance working capital, and find how enhancing global payroll payments can transform them from a challenging job into a strategic asset.
due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large number of staff members and services adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and services to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s differing 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 capabilities 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 anywhere you look ideal eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of progress with that it also also to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re just wanting to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger an organization 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 actually managing the payment side of things but 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 simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact viewpoint on staff members it is definitely important 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 most significant detrimental impact on individuals’s well-being and many other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just see when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. For that reason, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a terrific initial action towards supplying a thorough payroll service for employees worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts necessary for global payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely 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 browse them and actually see what was going on and kind of shot to return to everyone so moving on appearance why do companies choose to primary separate bank accounts there are Papaya Global Martinique companies out there doing exactly this for particular countries and I’ve operated in an organization or numerous businesses doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and anyone that’s managing that procedure 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 believe lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require 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 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 lots of other methods um to to type of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing but eventually individuals are really stuck with what they’re familiar
with ideal um change is a tough thing we all don’t like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining several checking account but there’s a substantial amount of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is huge however I think the sincere answer is change um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking 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 but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does present several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range 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 actually acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Martinique
I find time and time again the workers frequently misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the client why it’s most advantageous mainly to the client why you need to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be affected 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 actually gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are securing insurance against misclassification but normally premiums are only covering the expense of legal fees whilst the average claim evaluated against companies relates to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other location that I do believe if you managed to get the coverage 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