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Handling payroll internationally is an overwhelming task … Papaya Global Training Belfast…

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 also substantial legal costs there exists’s other penalties there’s other expenses behind that too so the total cost can be extremely considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is actually just the guidelines are intricate and they’re changing all the time believe ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a lot of unpredictability amongst companies on what it truly means and how you deal with it most employers are just not aware of the guidelines 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 category perspective okay thank you Stephen and returning 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 Change Employer particularly when it pertains to their own tax liabilities social security and benefits 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 Training Belfast… functions on the supplier side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide 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 type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind 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 extremely very dreary and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies maintain separate

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a troublesome task into a strategic property.

due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The large number of staff members and companies contributes to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Standard payroll systems typically result in manual procedures, information silos, and an absence of integration, causing disparities and inadequacies. Regardless of living in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in international payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international businesses have revealed 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 poor HCM information data entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they count on the necessary numerous 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 obstacles organization face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included best and what does

it require to be thought of there’s differing Bank information 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to type of progress with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 however also paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high value on well-being and the payment landscape is ending up being significantly detailed. Services are continuously presenting new benefits and payment options, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technologically sophisticated period, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s greatest expense, need to be processed properly and on time. Even minor hold-ups can adversely impact employees’ well-being and have significant effects. For that reason, it’s vital to prioritize accurate and timely payments.

payroll group get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll solution for your employees worldwide once again I think is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and savings account they require for their International payroll too could not 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 countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyway we know how how crucial 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job 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 need days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everybody so carrying on appearance why do companies pick to primary separate checking account there are Papaya Global Training Belfast services out there doing precisely this for specific countries and I’ve worked in a business or lots of companies doing precisely that I can say it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating extra work for any person where we don’t need to and anyone that’s handling 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 quantity that we are I believe lots of factors one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering however eventually individuals are very stuck with what they’re familiar

with best um modification is a hard thing all of us don’t like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving several bank accounts but there’s a huge quantity of intricacy goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is big however I believe the sincere answer is change um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this method does posture a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so

I just did you changed our Business 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 workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Training Belfast

I find time and time again the workers typically misclassified unknowingly they do not understand the conditions of work or contract and are informed by the client why it’s optimum generally to the client why you must be utilized or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare 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 gone by they haven’t contributed to pensions Etc so it’s a huge effect 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 getting insurance against misclassification however typically premiums are just covering the expense of legal costs whilst the average claim assessed versus companies equates to to 40 or 50 percent of the base salary of worker is there any point in securing 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 for the most part I haven’t seen it at least so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK