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

openly revealed 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 substantial legal expenses there’s there’s other penalties there’s other costs behind that also so the overall cost can be extremely significant in the 10s of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is really simply the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a lot of uncertainty among business on what it actually means and how you handle it most companies are simply not aware of the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a classification viewpoint fine thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the worker Papaya Global Server 2016 especially when it pertains to their own tax liabilities social security and advantages for instance jury and clearly the employees the opposite of the coin

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Over the last five or six years …Papaya Global Ewss… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays 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 originates from and I actually do hope it’s much sunnier than it is 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 really very uninspiring 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 obstacle years of managing Worldwide payroll why business preserve separate

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset 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 sure accurate, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and find how improving global payroll payments can transform them from a burdensome job into a strategic property.

due to different policies, compliance requirements, information security concerns, and banking rules. The large number of staff members and companies adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems typically lead to manual processes, information silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and options to simplify and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the essential multiple procedures 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 challenges company face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be consisted of right and what does

it require 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble very 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 data collection all the way through to paying people any place they are however likewise 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 complexity there’s increasingly more benefits being organ or being provided by businesses across the world so once again you’re simply seeking to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would certainly state that the bigger a service 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 managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any service has from an expense point of view from an effect perspective on workers it is definitely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think 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 things is done properly so leveraging the very first Global Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll option for your staff members internationally once again I believe is another substantial um process again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of services and reducing the variety of tools platforms and checking 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’ve never ever had a hundred thousand of 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 problems where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks

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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job 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 require days of the week to attempt to check out them and actually see what was going on and sort of try to return to everybody so moving on appearance why do companies select to main different savings account there are Papaya Global Ewss businesses out there doing exactly this for particular countries and I’ve operated in a service or numerous companies doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas 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 standard I think individuals have got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering but ultimately individuals are really stuck with what they recognize

with best um modification is a hard thing we all do not like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having keeping numerous checking account but there’s a substantial quantity of intricacy chooses setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is big but I believe the sincere answer is change um individuals have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to track and this approach does position a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just did you switched our Business 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 employees you deserve a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Ewss

I find time and time again the employees typically misclassified unwittingly they don’t comprehend the conditions of employment or contract and are told by the customer why it’s optimum primarily to the customer why you must be employed or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be affected and a number of 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 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 return as much as ten years um Kathy companies are getting insurance versus misclassification but typically premiums are only covering the expense of legal charges whilst the typical claim assessed against employers equates to to 40 or 50 percent of the base salary of worker is there any point in securing insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of 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 rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK