Handling payroll globally is a daunting job … Is Papaya Global Payroll Any Good…
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also considerable legal costs there’s there’s other penalties there’s other costs behind that as well so the overall cost can be extremely considerable in the tens of millions of dollars or more and and those quantities are growing uh the reason business are getting it so wrong is actually simply the guidelines are complex and they’re changing all the time think ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of unpredictability among companies on what it really suggests and how you deal with it most employers are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a classification perspective 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 Papaya Global Prompts Unable To Connect To Company especially when it comes to their own tax liabilities social security and benefits for instance jury and clearly the employees the opposite of the coin
How much revenue does the company make? Is Papaya Global Payroll Any Good
Over the last 5 or six years …Is Papaya Global Payroll Any Good… roles on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll likewise go over a wrap-up and that needs to leave his time at the really extremely 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 Global labor forces end up being a growing number of common and handling them ends up being a growing number of complex International organizations are wanting to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint many companies keep different bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep different savings account often in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can change them from a difficult job into a tactical possession.
due to different regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and services adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and a lack of integration, resulting in disparities and inefficiencies. Despite living in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and solutions to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely 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 business face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble 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 think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals 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 divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being provided by organizations throughout the world so again you’re simply aiming to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or genuine tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact 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 know long gone are the times where we need to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on employees it is definitely vital that it’s done properly 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 most significant destructive effect on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually always been astonished entering this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic 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 we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 stuff is absolutely important that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a great primary step um providing an end-to-end payroll service for your staff members globally again I think is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and bank accounts they need for their Worldwide 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 have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state envision 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 discussing numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t envision 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 type of try to return to everyone so carrying on appearance why do business select to main separate bank accounts there are Is Papaya Global Payroll Any Good organizations out there doing exactly this for specific countries and I have actually worked in a business or lots of businesses doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 people have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals 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 methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing but ultimately people are very stuck to what they recognize
with right um modification is a hard thing we all don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping several bank accounts however there’s a substantial amount of intricacy opts for setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is substantial however I believe the honest answer is change um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to track and this approach does position several difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I simply did you switched our Enterprise 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 International employees you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Is Papaya Global Payroll Any Good
I discover time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of employment or contract and are told by the client why it’s most advantageous generally to the client why you ought to be utilized or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities 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 far 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 strolling into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance coverage against misclassification but generally premiums are only covering the cost of legal charges whilst the average claim evaluated versus employers relates 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 require to read the fine 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 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK