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Managing payroll globally is a complicated job … Papaya Global Updates 2023…

openly announced 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 costs there exists’s other charges there’s other costs behind that too so the overall cost can be really substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is truly just the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a lot of uncertainty among companies on what it really means and how you handle it most employers are simply not knowledgeable about the rules and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a classification point of view alright 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 Updating Papaya Global Pension specifically when it comes to their own tax liabilities social security and advantages for example jury and obviously the workers the opposite of the coin

How much revenue does the company make? Papaya Global Updates 2023

Over the last 5 or 6 years …Papaya Global Updates 2023… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes 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 raining here it’s really very gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies preserve separate

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the global Workforce 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 individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming variety of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very extremely fundamental there’s no real consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of global organizations have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what does not require to be consisted of best and what does

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely 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 take a 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 essential and technology is enabling us to type of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high worth on wellness and the compensation landscape is becoming significantly detailed. Organizations are continuously introducing new advantages and payment choices, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly sophisticated era, there’s no validation for maintaining troublesome procedures. Payroll, the company’s biggest expense, need to be processed properly and on time. Even minor delays can adversely affect workers’ well-being and have far-reaching consequences. For that reason, it’s vital to focus on precise and prompt payments.

The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just notice when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. Therefore, it is important to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment service is a terrific preliminary action towards supplying a comprehensive payroll service for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account needed for international payroll are crucial consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Eventually, we don’t do it for the thankfulness.

anyhow we know how how crucial 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 easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture 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 but it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and type of shot to get back to everyone so proceeding appearance why do business pick to primary separate savings account there are Papaya Global Updates 2023 businesses out there doing exactly this for particular countries and I have actually operated in an organization or lots of businesses doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s dealing with 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 many reasons one is it’s the requirement I believe individuals have got so utilized to we require a new savings 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 lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing but ultimately individuals are really stuck to what they’re familiar

with right um modification is a difficult thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving numerous bank accounts but there’s a huge quantity of intricacy chooses setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is substantial however I believe the truthful answer is modification um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge 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 looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or two there is a lot to monitor and this method does pose numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Updates 2023

I discover time and time again the workers typically misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the customer why you ought to be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they have not contributed to pensions Etc so it’s a big effect that they never understood 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 companies are getting insurance coverage against misclassification however generally premiums are just covering the expense of legal fees whilst the average claim examined versus companies equates to to 40 or half of the base pay of worker exists any point in getting 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 penalty and interest most of the times I have not seen it at least so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK