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Managing payroll globally is a challenging task … Papaya Global User Already Logged On…

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 considerable legal expenses there’s there’s other charges there’s other expenses behind that as well so the overall expense can be really substantial in the tens of countless dollars or more and and those amounts are growing uh the reason business are getting it so incorrect is actually simply the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has been a continuous development for numerous years now and and still a lot of unpredictability among business on what it truly means and how you deal with it most employers are merely not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a category 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 Papaya Global Subset especially when it concerns their own tax liabilities social security and advantages for example jury and obviously the workers the other side of the coin

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Over the last five or six years …Papaya Global User Already Logged On… roles on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting 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 everyone 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 drizzling here it’s extremely extremely dreary and I wish I was elsewhere 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 handling Global payroll why companies keep different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll also review a recap and that should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them becomes a growing number of complicated International companies are aiming to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment viewpoint numerous organizations preserve different checking account just for payroll while some have several accounts in various countries does it make sense for companies to preserve separate checking account often in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex processes of

making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely basic there’s no genuine consistency structure we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide companies have expressed 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 due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not require to be included ideal and what does

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it need to be considered there’s differing Bank details 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I’m always amazed 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 work in the payroll profession would they split 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 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 but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high worth on well-being and the compensation landscape is becoming significantly detailed. Organizations are continuously presenting brand-new advantages and payment alternatives, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly innovative age, there’s no justification for preserving cumbersome procedures. Payroll, the company’s biggest cost, need to be processed properly and on time. Even small delays can adversely impact employees’ wellness and have significant repercussions. Therefore, it’s vital to prioritize accurate and timely payments.

payroll group get um so I’m not exactly sure anybody on this type 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 workers or not um but eventually payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 crucial that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll solution for your workers worldwide again I think is another big um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of services and minimizing the variety of tools platforms and checking account they need for their International 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 have actually never ever 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 problems where things haven’t gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was simply 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 discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying 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 try to look through them and in fact see what was going on and sort of try to return to everyone so proceeding look why do companies choose to primary different savings account there are Papaya Global User Already Logged On organizations out there doing precisely this for specific countries and I’ve worked in a service or lots of businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone 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 think lots of factors one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately individuals are extremely stuck with what they’re familiar

with best um modification is a difficult thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving numerous savings account but there’s a substantial quantity of complexity goes with setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big however I think the truthful response is modification um people haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so

I simply did you changed 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 Worldwide staff members you are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global User Already Logged On

I find time and time again the workers typically misclassified unconsciously they don’t understand the conditions of employment or agreement and are informed by the client why it’s most advantageous mainly to the client why you should be used or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and several 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 Etc so it’s a huge effect that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are securing insurance against misclassification however typically premiums are just covering the cost of legal fees whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base salary of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest most of the times I haven’t 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 stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK