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Handling payroll worldwide is a challenging task … Papaya Global Version 19 Upgrades…

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 considerable legal expenses there exists’s other charges there’s other expenses behind that too so the overall expense can be very substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is really simply the guidelines are complex and they’re altering all the time think ir-35 in the UK which has actually been a continuous development for a number of years now and and still a great deal of unpredictability amongst companies on what it truly suggests and how you deal with it most companies are just 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 very proactive as you’re engaging uh employees from a classification perspective fine thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the worker Papaya Global Mali especially when it comes to their own tax liabilities social security and advantages for instance jury and obviously the workers the opposite of the coin

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Over the last five or 6 years …Papaya Global Version 19 Upgrades… roles on the supplier side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite 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 everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also go over a wrap-up and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and managing them ends up being increasingly more complex Global organizations are seeking to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve different savings account just for payroll while some have several accounts in various countries does it make sense for companies to preserve separate checking account sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex procedures of

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Workforce is currently 3 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 currently 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 often an overwhelming number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re living in an era 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 every time I I believe

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 Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect 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 need to move the money around the world payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does

it require to be thought of there’s varying 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if however some children 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 basic and innovation is allowing us to kind of move on with that it also also to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m constantly amazed when people state I have actually divided 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 split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of important to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so once again you’re just aiming to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging sort of pay uses 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 larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any service has from an expense perspective from an impact point of view on staff members it is definitely critical that it’s done correctly and on time so what we indicate 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 detrimental impact on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last 5 to ten years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first International Payments first payroll payment solution is a great preliminary step towards supplying a thorough payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account necessary for global payroll are key factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Eventually, we don’t do it for the appreciation.

anyway we understand how how important 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 also so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do business pick to primary different checking account there are Papaya Global Version 19 Upgrades companies out there doing exactly this for particular nations and I’ve worked in an organization or numerous companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anyone that’s dealing with 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 quantity that we are I think many factors one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and rightly 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 requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing but eventually individuals are extremely stuck to what they’re familiar

with best um change is a challenging thing we all don’t like modification um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous bank accounts however there’s a substantial quantity of intricacy goes with establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is huge however I think the honest response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look 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 position several difficulties 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 Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Version 19 Upgrades

I find time and time again the workers often misclassified unwittingly they don’t understand the conditions of work or contract and are told by the client why it’s most advantageous generally to the client why you ought to be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 have not contributed to pensions And so on so it’s a huge effect that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance versus misclassification but normally premiums are just covering the expense of legal costs whilst the average claim evaluated versus employers corresponds to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least 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 protection on the basis of the fact that you were not in compliance with laws um in the UK