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Handling payroll worldwide is a daunting task … Process A New Company Papaya Global…

openly announced 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 significant legal expenses there exists’s other penalties there’s other expenses behind that as well so the total cost can be really considerable in the tens of countless dollars or more and and those quantities are growing uh the reason that business are getting it so wrong is really simply the rules are complicated and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a lot of unpredictability among companies on what it truly suggests and how you handle it most employers are just not knowledgeable about the rules and and act as if the the guidelines 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 point of view alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what results can this have on the employee Http Help.Papaya Global.Com particularly when it concerns their own tax liabilities social security and benefits for example jury and clearly the employees the opposite of the coin

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Over the last 5 or six years …Process A New Company Papaya Global… roles on the provider side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently 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 definitely 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 elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain separate

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they add further complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s often an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really really fundamental there’s no real consistency structure we’re living in a period of tech but 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 and that just blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business spends on global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international businesses have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the wrong location the average 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 all over the world payroll and payments do not run efficiently if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles 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 does not require to be consisted of ideal and what does

it need to be considered 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 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 any place you look ideal eventually building a knowledge base is absolutely crucial but all over 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 take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to kind of move on with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing teams work closer together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 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 3rd parties so with the

world we live in and well-being being increasingly more essential to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses throughout the world so once again you’re just wanting to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not 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 why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost viewpoint from an effect viewpoint on staff members it is definitely vital 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 have to be done right it has the greatest damaging impact on people’s well-being and many other aspects if people aren’t paid uh I’ve always been surprised coming into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll solution for your employees worldwide once again I believe is another substantial um procedure once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and checking account they require for their Worldwide 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks

anyway 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 involved in those procedures and also so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t picture 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 really see what was going on and sort of try to return to everybody so moving on look why do companies pick to main different savings account there are Process A New Company Papaya Global services out there doing precisely this for specific countries and I’ve operated in a company or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anyone that’s dealing with that procedure 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 lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we need a new checking 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 believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering but ultimately individuals are extremely stuck with what they’re familiar

with ideal um change is a difficult thing all of us don’t like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping several bank accounts but there’s a huge amount of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is substantial however I believe the honest answer is change um individuals have not been able to change or have not had always the knowledge 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 understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or so there is a lot to monitor and this approach does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so

I just did you changed our Enterprise 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 Global staff members you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Process A New Company Papaya Global

I find time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s most advantageous mainly to the client why you ought to be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare 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 gone by they haven’t added to pensions And so on so it’s a big effect that they never ever understood they were strolling 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 companies are getting insurance against misclassification but typically premiums are only covering the expense of legal fees whilst the typical claim assessed against employers corresponds 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 need to check out 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 think if you managed to get the protection 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