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Managing payroll internationally is an overwhelming task … Papaya Global Departments…

publicly 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 significant legal costs there exists’s other penalties there’s other costs behind that as well so the total expense can be extremely substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is really simply the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for a number of 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 simply not knowledgeable about the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a classification viewpoint alright thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the staff member Papaya Global Payroll Entering especially when it concerns their own tax liabilities social security and advantages for example jury and certainly the employees the other side of the coin

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Over the last five or 6 years …Papaya Global Departments… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or so to join all of us 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 already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a wrap-up which must leave his time at the very extremely 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 Worldwide labor forces become more and more typical and managing them becomes increasingly more complex Worldwide organizations are aiming to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint numerous organizations maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve different savings 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 also known as virtual wallets play in assisting international companies streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most significantly regulations compliance information security and banking rules then there are the large numbers they include additional intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 companies and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or very extremely basic there’s no real consistency framework we’re residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company invests in global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included best and what does

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it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by organizations throughout the world so once again you’re simply wanting to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect viewpoint on staff members it is definitely vital that it’s done correctly 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 harmful impact on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this type of webinar has 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 workers or not um but ultimately payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll option for your workers internationally once again I believe is another huge um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and savings account they require for their International payroll too couldn’t 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks

anyhow 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 everybody that’s involved in those processes and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of try to return to everybody so carrying on look why do business pick to primary different savings account there are Papaya Global Departments businesses out there doing precisely this for specific nations and I have actually operated in an organization or lots of organizations doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and anybody that’s handling 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 numerous factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new savings 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 just been the requirement and the standard individuals 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 lots of other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however ultimately people are very stuck to what they’re familiar

with best um change is a challenging thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping numerous savings account but there’s a big amount of intricacy chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is big but I think the sincere answer is change um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this technique does position several challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I just did you switched 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 Global employees you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Departments

I discover time and time again the employees typically misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s most advantageous mainly to the customer why you should be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and health care advantages 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 passed they haven’t contributed to pensions Etc so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance coverage versus misclassification but typically premiums are just covering the cost of legal charges whilst the typical claim assessed against employers relates to to 40 or 50 percent of the base salary of employee is there any point in getting 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 believe 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