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Handling payroll globally is a difficult job … Papaya Global Changes…

publicly announced 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 costs behind that as well so the overall expense can be very considerable in the tens of countless dollars or more and and those quantities are growing uh the reason business are getting it so wrong is truly simply the rules are complex and they’re altering all the time think ir-35 in the UK which has been an ongoing development for numerous years now and and still a great deal of uncertainty amongst companies on what it really 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 all over which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a classification viewpoint alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the staff member Run Papaya Global Year End particularly 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 6 years …Papaya Global Changes… roles on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 very extremely dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise go over a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes a growing number of complex International organizations are aiming to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment perspective many companies preserve different savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep different checking account in some cases in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business streamline the episode complex procedures of

making payroll payments precisely 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 checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Labor force is presently three 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 organizations and growing all doing their own thing worldwide in the standard payroll design there’s often an overwhelming number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very basic there’s no real consistency structure we’re living in an era of tech however payroll has 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 simply blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global companies have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required several 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 organization face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what does not require to be included ideal and what does

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it need to be thought of there’s varying 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely 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 kind 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 definitely basic and innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world positions a high worth on wellness and the settlement landscape is ending up being significantly elaborate. Businesses are continuously introducing new benefits and payment alternatives, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly sophisticated age, there’s no validation for keeping cumbersome treatments. Payroll, the company’s most significant cost, must be processed correctly and on time. Even minor delays can negatively impact staff members’ well-being and have significant repercussions. Therefore, it’s critical to prioritize precise and timely payments.

payroll group get um so I’m unsure anyone on this sort of webinar has actually been told 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 an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as 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 properly so leveraging the first International Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll solution for your workers globally again I think is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and checking account they require for their Global 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t think 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 procedures and also so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions think of 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 absolutely be a fascinating job trying to clean up all those up for sure oh definitely 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 try to check out them and in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do business choose to primary different checking account there are Papaya Global Changes businesses out there doing precisely this for specific countries and I’ve worked in an organization or many businesses doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing but ultimately individuals are really stuck to what they’re familiar

with ideal um modification is a tough thing all of us do not like modification um so I think it’s simply kind 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 preserving multiple savings account however there’s a huge amount of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge however I think the sincere answer is change um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to monitor and this method does position numerous difficulties 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 switched 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 International employees you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Changes

I find time and time again the employees often misclassified unwittingly they don’t comprehend the conditions of work or agreement and are told by the client why it’s optimum primarily to the client why you should be employed or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care benefits 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 far too late years have actually passed they haven’t added to pensions Etc so it’s a big impact that they never understood they were walking 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 business are taking out insurance versus misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim evaluated versus companies relates to to 40 or half of the base salary of employee exists any point in taking out 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 penalty and interest in many cases I have not 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK