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Managing payroll internationally is an overwhelming task … Papaya Global Cloud Version…

openly 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 exists’s other charges there’s other costs behind that too so the overall expense can be extremely substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is really just the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of uncertainty among companies on what it actually implies and how you handle it most employers are merely not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category point of view 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 staff member Papaya Global Nest Updates particularly when it comes to their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the other side of the coin

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Over the last 5 or 6 years …Papaya Global Cloud Version… roles on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of 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 quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s raining here it’s extremely really bleak and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll likewise go over a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and managing them becomes increasingly more complex International organizations are seeking to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have several accounts in various countries does it make good sense for business to keep different checking account often in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex procedures of

Ensuring precise, efficient, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll costs to optimize working capital, and discover how improving worldwide payroll payments can change them from a difficult task into a strategic possession.

due to numerous policies, compliance requirements, data security issues, and banking rules. The large variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems typically lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of residing in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average 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 worldwide payroll and payments don’t run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what does not require to be consisted of 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 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work better together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

The modern-day world places a high worth on well-being and the settlement landscape is becoming significantly detailed. Companies are continually introducing new benefits and payment options, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technologically innovative era, there’s no justification for keeping troublesome treatments. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even minor hold-ups can negatively impact employees’ well-being and have far-reaching effects. Therefore, it’s critical to focus on precise and prompt payments.

payroll team get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually 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 just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is an excellent primary step um providing an end-to-end payroll option for your staff members worldwide again I believe is another big um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not 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 anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyhow we understand how how essential a function 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 processes and likewise so envision sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision 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 in fact see what was going on and type of shot to get back to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Cloud Version businesses out there doing exactly this for particular countries and I have actually worked in a business or lots of businesses doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t need to and any person that’s dealing with 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 numerous factors one is it’s the requirement I believe individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past 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 think there’s a variety I believe this is a process that needs looking at it needs changing however eventually people are extremely stuck to what they’re familiar

with best um modification is a hard thing we all do not like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous checking account but there’s a huge quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity 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 actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does posture a number of challenges um so Johnny might you tell us about those challenges yeah of course 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 feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Cloud Version

I discover time and time again the workers frequently misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the client why it’s optimum mainly to the client why you must be employed or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t added to pensions And so on so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance against misclassification but normally premiums are just covering the cost of legal costs whilst the average claim assessed against employers corresponds to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK