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Handling payroll internationally is a daunting task … Papaya Global Compliance…

publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s likewise considerable legal expenses there’s there’s other penalties there’s other expenses behind that also so the overall cost can be very considerable 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 actually simply the guidelines are intricate and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a lot of unpredictability amongst companies on what it really suggests and how you deal with it most companies are just 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 perspective okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what results can this have on the worker Unable To Install Papaya Global As Finding Old Software specifically when it comes to their own tax liabilities social security and benefits for instance jury and undoubtedly the employees the opposite of the coin

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Over the last five or 6 years …Papaya Global Compliance… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 extremely bleak and I wish I was somewhere else 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 obstacle years of handling International payroll why companies keep separate

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, 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 provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s frequently a frustrating number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very basic there’s no real consistency structure we’re living in an era of tech but payroll has been slow 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 believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on global payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does

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it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 innovation is allowing us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work better together than ever um I’m always surprised when individuals state I have actually split 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 computation 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 information collection all the way through to paying individuals wherever they are but 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 type of the level of intricacy there’s more and more benefits being organ or being offered by businesses across the world so again you’re simply looking to add a growing number of 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 real tough kind of pay utilizes to play to pay people I think yeah I imply 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 operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on people’s wellness and numerous other aspects if people aren’t paid uh I have actually constantly been surprised entering into this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a great first step um providing an end-to-end payroll service for your staff members internationally again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and savings account they require 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 ever had a hundred thousand of 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 problems where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks

anyway we understand how how important 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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely 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 was the case um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to get back to everyone so moving on look why do companies pick to main different savings account there are Papaya Global Compliance organizations out there doing exactly this for specific nations and I have actually worked in a service or lots of organizations doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and any person 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 lots of factors one is it’s the standard I believe people have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however eventually people are very stuck with what they recognize

with best um modification is a hard thing we all don’t like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple savings account however there’s a big quantity of intricacy opts for setting up a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is substantial however I think the sincere response is modification um individuals have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or so there is a lot to track and this method does posture a number of obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Compliance

I find time and time again the workers typically misclassified unconsciously they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you must be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare 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 too late years have passed they haven’t added to pensions And so on so it’s a big effect that they never knew they were strolling 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 securing insurance coverage against misclassification however usually premiums are just covering the expense of legal charges whilst the typical claim assessed against employers relates to to 40 or 50 percent of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other location that I do think 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK