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Managing payroll globally is a difficult job … Print Years Wages Papaya Global…

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 significant legal costs there exists’s other charges there’s other costs behind that as well so the overall expense can be very significant in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so wrong is truly just the guidelines are complicated and they’re changing 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 business on what it really indicates and how you handle it most employers are simply not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a classification perspective alright thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what results can this have on the employee Papaya Global Solutions Inc specifically when it concerns their own tax liabilities social security and advantages for instance jury and obviously the employees the other side of the coin

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Over the last 5 or 6 years …Print Years Wages Papaya Global… functions on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely bleak and I want 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 challenge years of managing International payroll why business keep separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also go over a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and handling them ends up being increasingly more complex Worldwide companies are aiming to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate bank accounts in some cases in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they add additional complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s often a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency structure we’re residing in a period of tech however 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 each 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 data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide organizations have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included right and what does

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it require to be thought about there’s varying 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 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move forward with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 procedure it’s the point of data collection all the way through to paying individuals wherever 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 important to add to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so again you’re just wanting to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or genuine tough sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always 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 prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from an expense perspective from an effect point of view on workers it is absolutely crucial that it’s done correctly and on time so what we imply 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 harmful impact on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first International Payments first payroll payment option is a terrific preliminary step towards offering a thorough payroll solution for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account needed for global payroll are essential factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how important a function it is which’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 processes and likewise so imagine sorry I’m just I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh absolutely 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 browse them and really see what was going on and type of try to return to everyone so proceeding appearance why do business choose to primary different bank accounts there are Print Years Wages Papaya Global businesses out there doing precisely this for specific countries and I have actually worked in an organization or many companies doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I think individuals have actually got so utilized to we need a new checking 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 norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs altering however ultimately individuals are really stuck to what they’re familiar

with best um change is a difficult thing all of us do not like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving several bank accounts but there’s a big quantity of intricacy goes with setting up a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is big however I think the truthful response is modification um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this method does present several obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems 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 dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Print Years Wages Papaya Global

I find time and time again the employees frequently misclassified unwittingly they don’t understand the conditions of work or contract and are told by the customer why it’s optimum mainly to the customer why you ought to be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions And so on so it’s a big effect that they never ever understood they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are getting insurance against misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim assessed versus companies relates to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK