Managing payroll worldwide is an overwhelming task … Papaya Global Solutions Chicago…
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 announced settlements there’s also substantial legal costs there’s there’s other penalties there’s other expenses behind that also so the total cost can be very significant in the 10s of countless dollars or more and and those quantities are growing uh the reason why business are getting it so incorrect is really simply the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has been an ongoing development for a number of years now and and still a great deal of unpredictability amongst business on what it really suggests and how you deal with it most employers are merely not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a category perspective alright 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 worker Moving From Papaya Global To Xero specifically when it pertains to their own tax liabilities social security and advantages for instance jury and clearly the employees the other side of the coin
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Over the last five or six years …Papaya Global Solutions Chicago… functions on the company side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well among 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 rather intriguing 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also review a wrap-up which must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and handling them ends up being increasingly more complex Worldwide companies are wanting to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint lots of companies preserve separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve separate bank accounts in some cases in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance data security and banking rules then there are the large numbers they add additional intricacy the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 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 all over the world in the conventional payroll model there’s frequently a frustrating number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely very standard there’s no real consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the required multiple 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 service face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included best and what does
it need to be thought of there’s differing Bank details 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 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 right ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re just looking to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an effect point of view on workers it is definitely important that it’s done properly 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 harmful result on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe 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 definitely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your staff members globally once again I believe is another huge um process once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of services and lowering the number of tools platforms and savings account they require 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 have actually never ever had a hundred countless 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 have not gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow 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 procedures and likewise so imagine sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and type of try to return to everyone so proceeding look why do companies select to main separate checking account there are Papaya Global Solutions Chicago services out there doing precisely this for particular countries and I’ve operated in an organization or lots of services doing precisely 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 additional work for anybody where we do not need to and anybody that’s dealing with 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 many 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 functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing but ultimately people are really stuck to what they recognize
with right um modification is a difficult thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving numerous savings account however there’s a big amount of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is big but I think the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep track of and this approach does present numerous challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I recently made a modification to our Business 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 actually acquired another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Solutions Chicago
I discover time and time again the employees frequently misclassified unwittingly they do not understand the conditions of work or agreement and are told by the client why it’s most advantageous generally to the customer why you must be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions Etc so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage versus misclassification however normally premiums are only covering the cost of legal charges whilst the typical claim examined against companies corresponds to to 40 or half of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine 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 location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK