Managing payroll globally is a complicated job … Papaya Global Poland…

openly 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 significant legal costs there’s there’s other charges there’s other costs behind that as well so the overall expense can be extremely significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is truly simply the rules are intricate and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing development for several years now and and still a lot of uncertainty amongst business on what it really means and how you deal with it most companies are simply not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a category viewpoint okay thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the employee Papaya Global Post Cheque Payment To Accounts particularly when it comes to their own tax liabilities social security and benefits for example jury and obviously the workers the other side of the coin

How much revenue does the company make? Papaya Global Poland

Over the last five or 6 years …Papaya Global Poland… functions on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually 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 raining here it’s really really bleak and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a recap which ought to leave his time at the extremely really 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 end up being more and more common and handling them becomes a growing number of complicated International companies are looking to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment standpoint many organizations preserve separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain separate checking account often in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex processes of

Ensuring precise, effective, and timely payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can change them from a challenging task into a tactical asset.

due to different policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and companies adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems typically lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Despite residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on international payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the wrong place the typical 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 money around the world payroll and payments don’t run efficiently if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be consisted of right and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 complexity wherever you look ideal eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m always astonished when individuals say 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 estimation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high worth on well-being and the settlement landscape is ending up being progressively elaborate. Businesses are constantly introducing new benefits and payment alternatives, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically sophisticated period, there’s no justification for keeping troublesome procedures. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even minor delays can negatively affect employees’ well-being and have significant effects. Therefore, it’s crucial to focus on accurate and prompt payments.

payroll team get um so I’m uncertain anybody on this sort of webinar has actually been informed 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 employees or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll service for your employees globally again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of services and reducing the number of tools platforms and checking account they require for their Global 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we know 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everybody so carrying on look why do companies pick to primary separate checking account there are Papaya Global Poland businesses out there doing precisely this for specific nations and I’ve worked in an organization or lots of businesses doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and any person that’s managing that process 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 many reasons one is it’s the requirement I believe people have actually got so utilized to we need a brand-new savings 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 believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires changing but ultimately people are extremely stuck to what they recognize

with right um modification is a hard thing all of us do not like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving multiple checking account however there’s a huge quantity of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people 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 always 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 believe it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does pose numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Poland

I discover time and time again the employees typically misclassified unconsciously they don’t understand the conditions of work or agreement and are told by the customer why it’s optimum primarily to the client why you need to be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits 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 passed they have not contributed to pensions And so on so it’s a big impact that they never ever knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance coverage against misclassification however generally premiums are only covering the cost of legal costs whilst the average claim evaluated against companies equates to to 40 or half of the base pay of employee is there any point in securing insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest for the most part 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 pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK

Handling payroll worldwide is a difficult job … Papaya Global Poland…

How much revenue does the company make? Papaya Global Poland

Over the last 5 or 6 years …Papaya Global Poland… roles on the company side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everyone another couple of uh well among 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 already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very gloomy and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll likewise review a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and handling them becomes a growing number of complex International companies are looking to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint many organizations preserve separate savings account just for payroll while some have several accounts in various countries does it make good sense for companies to keep separate bank accounts sometimes in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex processes of

making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add more complexity the global Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very very fundamental there’s no real consistency structure we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever 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 data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary numerous 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 challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included ideal 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 nation there’s payment amount of time 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 complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to kind of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world places a high worth on well-being and the payment landscape is becoming increasingly elaborate. Companies are continually presenting brand-new advantages and payment options, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly advanced age, there’s no reason for preserving troublesome procedures. Payroll, the business’s most significant expense, must be processed properly and on time. Even small delays can negatively affect staff members’ well-being and have significant repercussions. For that reason, it’s critical to prioritize precise and prompt payments.

The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just observe when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first International Payments first payroll payment service is a terrific initial action towards providing a detailed payroll option for staff members worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and savings account required for international payroll are essential consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.

anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean 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 attempt to browse them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do business select to primary separate bank accounts there are Papaya Global Poland businesses out there doing precisely this for particular countries and I’ve operated in an organization or many organizations doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering but eventually individuals are really stuck with what they’re familiar

with right um modification is a difficult thing all of us don’t like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping several bank accounts but there’s a big amount of complexity opts for establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is big however I believe the honest response is modification um individuals have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century approximately there is a lot to monitor and this approach does pose several difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so

I just did you changed our Business 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 International employees you deserve a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Poland

I discover time and time again the workers typically misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s most advantageous mainly to the customer why you must be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not contributed to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance coverage versus misclassification however typically premiums are only covering the cost of legal fees whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base pay of employee is there any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do believe 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 rejected protection on the basis of the truth that you were not in compliance with laws um in the UK