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Handling payroll internationally is an overwhelming job … Papaya Global Paying Week Ending Sunday…

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 also considerable legal expenses there exists’s other charges there’s other costs behind that too so the total cost can be very significant in the tens 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 guidelines are complex and they’re changing all the time think ir-35 in the UK which has been a continuous advancement for several years now and and still a lot of uncertainty amongst business on what it really indicates and how you deal with it most companies are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a category 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 results can this have on the employee Papaya Global My Login particularly when it concerns their own tax liabilities social security and benefits for instance jury and clearly the workers the other side of the coin

How much revenue does the company make? Papaya Global Paying Week Ending Sunday

Over the last five or six years …Papaya Global Paying Week Ending Sunday… functions on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very dreary and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve separate

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and find how improving worldwide payroll payments can transform them from a troublesome job into a strategic possession.

due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and organizations adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.

Standard payroll systems often result in manual procedures, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and services to streamline and enhance worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the essential multiple procedures 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 business face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be consisted of best and what does

it need to be thought of there’s differing Bank information 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 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 wherever you look ideal ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like super 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals state I’ve 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 calculation 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 information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations throughout the world so again you’re just aiming to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine tough kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect viewpoint on employees it is absolutely important 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 biggest detrimental result on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all hear 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 exercise and I think 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 stuff is definitely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a great first step um offering an end-to-end payroll option for your workers worldwide once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they need for their International 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 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 understand how how important 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 everyone that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na say picture 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 possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and sort of shot to get back to everybody so carrying on look why do companies choose to primary separate bank accounts there are Papaya Global Paying Week Ending Sunday organizations out there doing exactly this for specific nations and I have actually worked in a company or numerous businesses doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the standard I think people have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering however eventually individuals are very stuck with what they’re familiar

with right um change is a tough thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving multiple savings account but there’s a substantial quantity of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is huge however I think the honest response is change um individuals haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so

I simply did you changed our Business 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 International employees you are worthy of a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Paying Week Ending Sunday

I discover time and time again the workers often misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the customer why it’s optimum generally to the client why you should be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions And so on so it’s a big effect that they never understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are securing insurance versus misclassification but normally premiums are only covering the expense of legal costs whilst the average claim evaluated against companies equates to to 40 or half of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in most cases I haven’t 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 stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK