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Handling payroll worldwide is a complicated job … Papaya Global V Nest…

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 revealed settlements there’s likewise considerable legal costs there’s there’s other penalties there’s other expenses behind that too so the total cost can be extremely substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is really just the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has actually been an ongoing development for several years now and and still a great deal of unpredictability amongst companies on what it actually implies and how you deal with it most companies are merely not aware of 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 extremely proactive as you’re engaging uh workers from a category point of view fine 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 staff member Papaya Global V23.00 specifically when it comes to their own tax liabilities social security and advantages for example jury and obviously the employees the other side of the coin

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Over the last five or six years …Papaya Global V Nest… roles on the service provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite 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 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 elsewhere 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 difficulty years of handling Worldwide payroll why companies maintain different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also go over a wrap-up 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 officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them becomes increasingly more complicated International companies are looking to find Solutions and new ways to streamline processes particularly from a payroll and cross-border payment standpoint many companies keep separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve separate bank accounts often in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex processes of

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they add additional complexity the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s often an overwhelming number of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or really really standard there’s no genuine consistency framework we’re living in an age 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 offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have actually revealed 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 due to time reporting bad HCM information information entry errors badly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view 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 throw this back and say what is it what doesn’t need to be included ideal and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if however some children 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 essential and technology is allowing us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of information 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 live in and well-being being more and more essential to add to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re simply aiming to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine difficult type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades 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 job there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you know 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 biggest liability that any service has from a cost point of view from an impact viewpoint on workers it is absolutely crucial that it’s done properly 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 most significant damaging impact on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not sure anybody on this type of webinar has actually been told 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 workers or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe 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 correctly so leveraging the very first Global Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll service for your employees worldwide again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks

anyway we understand how how essential 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 picture sorry I’m just I was just gon na state picture 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 numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up 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 really see what was going on and sort of try to get back to everyone so moving on appearance why do companies choose to main separate checking account there are Papaya Global V Nest organizations out there doing exactly this for particular nations and I have actually operated in a company or numerous companies doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and anybody that’s handling 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 amount that we are I believe many reasons one is it’s the standard I believe people have got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions but 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 gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing however eventually people are really stuck to what they’re familiar

with best um change is a challenging thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping multiple checking account but there’s a huge amount of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is substantial however I believe the honest answer is change um people haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages 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 monitor and this technique does present several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global V Nest

I discover time and time again the workers typically misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the customer why it’s optimum primarily to the client why you need to be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits 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 added to pensions And so on so it’s a big effect that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance coverage against misclassification but usually premiums are only covering the expense of legal charges whilst the typical claim examined against employers relates to to 40 or 50 percent of the base salary of worker exists any point in getting 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 charge and interest in most cases 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 pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK