Managing payroll internationally is a difficult job … Should I Use Papaya Global Payroll Services…
openly 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 significant legal expenses there exists’s other penalties there’s other expenses behind that too so the overall cost can be extremely significant in the 10s of countless dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is actually simply the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for numerous years now and and still a lot of uncertainty amongst companies on what it actually 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 encourage you to to be really proactive as you’re engaging uh employees from a classification viewpoint all right thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the worker How To Manally Uninstall Papaya Global especially when it pertains to their own tax liabilities social security and advantages for example jury and obviously the workers the other side of the coin
How much revenue does the company make? Should I Use Papaya Global Payroll Services
Over the last five or six years …Should I Use Papaya Global Payroll Services… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 everyone comes from and I really 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 very very gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them becomes increasingly more intricate International organizations are seeking to find Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment standpoint lots of companies maintain different checking account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve different checking account often in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a burdensome job into a strategic possession.
due to different guidelines, compliance requirements, information security concerns, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and a lack of combination, causing disparities and inadequacies. 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, frequently using pen and paper. This webinar aims to provide insights and services to streamline and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the essential 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 organization face when they’re paying to workers or otherwise that’s a good question I always throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought about 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to kind of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to sort of the level of intricacy there’s more and more benefits being organ or being offered by services throughout the world so again you’re just aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or genuine challenging kind of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely state that the larger a service 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run 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 age that you understand that we are working in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense point of view from an effect viewpoint 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 biggest destructive result on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been amazed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 vital that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a great first step um offering an end-to-end payroll service for your workers internationally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and reducing the number 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 have actually never had a hundred thousand of them within a payroll cycle do not 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 quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway 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 everybody that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies choose to primary separate savings account there are Should I Use Papaya Global Payroll Services services out there doing exactly this for particular countries and I have actually operated in a service or many businesses doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anyone where we do not need to and anybody that’s dealing with 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 think numerous factors one is it’s the standard I believe individuals have got so used to we need a brand-new checking account we open an entity and appropriately 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 standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering but ultimately individuals are very stuck with what they recognize
with best um modification is a difficult thing we all don’t like modification um so I believe it’s just type 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 understand clearly the benefits of having maintaining multiple savings account however there’s a big 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 best user accesses for private individuals so the complexity is huge but I think the truthful answer is modification um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however 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 moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to monitor and this technique does pose numerous difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just 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 gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Should I Use Papaya Global Payroll Services
I find time and time again the employees frequently misclassified unconsciously they do not understand the conditions of work or contract and are informed by the client why it’s optimum primarily to the customer why you ought to be used or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted and numerous 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 added to pensions Etc so it’s a huge impact that they never ever knew 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 10 years um Kathy business are getting insurance versus misclassification however typically premiums are only covering the cost of legal charges whilst the average claim assessed against companies equates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK