Papaya Global V28.05.026 2024 – Get Started

Handling payroll worldwide is a daunting job … Papaya Global V28.05.026…

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 announced settlements there’s likewise considerable legal costs there’s there’s other penalties there’s other costs behind that also so the total cost can be extremely significant in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is really just the guidelines are complex and they’re changing 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 uncertainty among business on what it truly implies and how you deal with it most employers are simply not knowledgeable about the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a category perspective alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the worker Papaya Global Gdpr specifically when it comes 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 six years …Papaya Global V28.05.026… functions on the supplier side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating 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 really do hope it’s much sunnier than it remains 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 extremely really uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies keep separate

Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s frequently an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or very really basic there’s no genuine consistency structure we’re living in an era 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 typically with pen and paper which just blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a business invests in international payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international 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 due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the required numerous 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 obstacles company face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be consisted of right and what does

it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if however some babies 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 acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I’m always surprised when individuals say I’ve divided 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 calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by companies throughout the world so once again you’re simply aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or real challenging kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really 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 understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just 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 hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an effect perspective on workers it is absolutely critical that it’s done correctly 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 greatest detrimental impact on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this type of webinar has actually been informed 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 staff members or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent initial step um offering an end-to-end payroll service for your staff members internationally again I think is another big um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Worldwide 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 had a hundred thousand of 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 complaints where things haven’t gone quite where they’re indicated 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 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to return to everyone so proceeding look why do companies pick to primary different checking account there are Papaya Global V28.05.026 companies out there doing exactly this for specific nations and I’ve operated in a service or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires altering however eventually individuals are really stuck with what they recognize

with ideal um modification is a hard thing we all don’t like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous bank accounts however there’s a substantial amount of complexity goes with setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is substantial but I think the sincere response is change um individuals haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think 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 real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does present numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global V28.05.026

I find time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the client why it’s optimum mainly to the customer why you ought to be utilized or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance coverage against misclassification but generally premiums are just covering the cost of legal fees whilst the typical claim evaluated against companies corresponds to to 40 or half of the base pay of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest for the most part I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK