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Managing payroll internationally is a daunting task … Papaya Global New Tax Codes…

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Over the last 5 or six years …Papaya Global New Tax Codes… functions on the company side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and managing them becomes more and more complex Global organizations are looking to discover Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment standpoint many companies keep different savings account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve different checking account often in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business 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 checking account how companies precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s typically an overwhelming variety of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency structure we’re residing in an age 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 which simply blows my mind every time I I believe

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 information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included best and what does

it need to be thought about there’s differing 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is definitely critical however 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 look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so again you’re simply aiming to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough type of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would certainly 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 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 require to create additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect viewpoint on workers 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 need to be done right it has the greatest harmful impact on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been amazed entering this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe 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 absolutely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll service for your staff members globally again I think is another big um procedure again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of services and reducing the number of tools platforms and savings 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten 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 believe any of us are actually doing that for for the thanks

anyhow 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 involved in those processes and also so think of sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do business pick to primary different savings account there are Papaya Global New Tax Codes organizations out there doing exactly this for particular countries and I’ve operated in an organization or lots of services doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing however eventually individuals are extremely stuck to what they’re familiar

with ideal um modification is a hard thing all of us don’t like change um so I believe it’s simply 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 comprehend certainly the benefits of having preserving numerous savings account but there’s a huge amount of intricacy chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is big but I believe the honest answer is change um individuals haven’t been able to alter or haven’t had always 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’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this method does position several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range 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 staff members you deserve 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 New Tax Codes

I discover time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the customer why you must be utilized or taken part 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 a number of times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t added to pensions And so on so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance versus misclassification however typically premiums are only covering the expense of legal costs whilst the average claim examined versus employers relates to to 40 or half 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 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 stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK