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Managing payroll worldwide is a challenging job … Papaya Global Nominal Link Set Up…

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 likewise substantial legal costs there’s there’s other charges there’s other expenses behind that also so the overall expense can be very considerable in the 10s of countless dollars or more and and those quantities are growing uh the reason companies are getting it so incorrect is actually just the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a great deal of unpredictability among companies on what it actually means and how you handle it most companies are just not familiar with 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 really proactive as you’re engaging uh workers from a category perspective alright thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what results can this have on the employee Papaya Global 26.01.244 especially when it pertains to their own tax liabilities social security and advantages for example jury and clearly the workers the other side of the coin

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Over the last 5 or 6 years …Papaya Global Nominal Link Set Up… functions on the company side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone 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 extremely extremely bleak and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and managing them becomes increasingly more complicated Global organizations are aiming to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment perspective numerous companies maintain different checking account just for payroll while some have several accounts in various countries does it make good sense for companies to keep different checking account often in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business streamline the episode complex processes of

making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency framework we’re residing in an age of tech however payroll has actually been sluggish 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 each time I I think

about it to offer you a concept 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 gives me sleep deprived nights and rather frankly the more a business invests in global payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the incorrect location the average cost of an international 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 count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be included right and what does

it need to be considered 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 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 complexity anywhere you look best eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more essential to add to type of the level of intricacy there’s more and more advantages being organ or being used by organizations throughout the world so once again you’re just aiming to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from a cost perspective from an effect point of view on staff members it is absolutely vital that it’s done correctly 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 greatest harmful impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everybody 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 also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your employees internationally again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of services and lowering the variety of tools platforms and checking account they need for their Global 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 do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t think any of us are really doing that for for the thanks

anyway we understand how how essential 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 associated with those procedures and also so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job trying to clean up 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 require days of the week to try to browse them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do business choose to main different savings account there are Papaya Global Nominal Link Set Up organizations out there doing exactly this for particular nations and I have actually operated in an organization or numerous businesses doing precisely that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new bank 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 just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are extremely stuck to what they’re familiar

with right um change is a tough thing all of us don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping several checking account however there’s a huge quantity of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge but I believe the sincere answer is modification um individuals haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this method does posture several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I just 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 Global employees you deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Nominal Link Set Up

I discover time and time again the employees typically misclassified unconsciously they don’t understand the conditions of work or contract and are told by the client why it’s most advantageous mainly to the customer why you should be utilized or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions Etc so it’s a big effect that they never ever knew they were walking 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 business are getting insurance coverage against misclassification but typically premiums are just covering the cost of legal fees whilst the typical claim assessed versus companies corresponds to to 40 or half of the base salary of worker is there any point in getting insurance coverage 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 most of the times I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK