Handling payroll globally is a daunting job … Papaya Global Ltd…
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 likewise significant legal expenses there’s there’s other charges there’s other expenses behind that too so the total expense can be extremely substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is truly just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a great deal of uncertainty amongst companies on what it actually means and how you handle it most companies are merely not familiar with 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 really proactive as you’re engaging uh employees from a classification viewpoint all right 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 Do Not Want Papaya Global Payroll To Show Up On Reports specifically when it concerns their own tax liabilities social security and advantages for instance jury and certainly the workers the other side of the coin
How much revenue does the company make? Papaya Global Ltd
Over the last 5 or 6 years …Papaya Global Ltd… functions on the provider side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very bleak and I wish I was elsewhere 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 obstacle years of handling Global payroll why business keep separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets use 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 strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a difficult task into a strategic asset.
due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and technology is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 often 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the payment landscape is ending up being significantly complex. Organizations are constantly presenting new benefits and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated era, there’s no reason for maintaining troublesome procedures. Payroll, the company’s greatest expense, must be processed properly and on time. Even minor hold-ups can negatively affect employees’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on precise and timely payments.
payroll group get um so I’m not sure anybody on this sort of webinar has been informed 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 however eventually payroll is such an important cycle all of us find out about 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll option for your employees globally again I believe is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and checking account they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyway we know how how important 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing 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 certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do companies select to primary separate bank accounts there are Papaya Global Ltd companies out there doing exactly this for particular nations and I have actually operated in a business or many organizations doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for any person 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 think 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 utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing but eventually individuals are very stuck with what they’re familiar
with right um change is a challenging thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving numerous savings account however there’s a huge quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big however I think the honest answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change 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 know what might nearly be identified to be the next Century approximately there is a lot to monitor and this method does pose several difficulties um so Johnny could you inform us about those challenges 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 tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Ltd
I discover time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the client why it’s optimum generally to the customer why you ought to be utilized 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 employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification but generally premiums are only covering the cost of legal charges whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest in many cases I have not seen it a minimum of 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 pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK