Managing payroll globally is a difficult job … What Does Papaya Global Do…

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 likewise significant legal expenses there’s there’s other penalties there’s other expenses behind that also so the total cost can be really substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is actually just the rules are complex and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of unpredictability amongst business on what it actually indicates and how you deal with it most employers are merely not knowledgeable about the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be extremely 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 results can this have on the staff member Https Support.Papaya Global.Com Hc En-us Articles 210103048-payroll-cards-for-employees especially when it concerns their own tax liabilities social security and benefits for example jury and certainly the employees the other side of the coin

How much revenue does the company make? What Does Papaya Global Do

Over the last 5 or six years …What Does Papaya Global Do… functions on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us 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 simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly 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 really extremely dreary and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies maintain separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and handling them ends up being more and more intricate Worldwide companies are looking to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment perspective many companies maintain separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep separate savings account sometimes in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international business enhance the episode complex procedures of

making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly policies compliance information security and banking rules then there are the large numbers they add additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 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 model there’s often a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency framework we’re living in an era of tech however 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 and that simply blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on international payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included best and what does

it require to be thought about there’s varying 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 capabilities 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 wherever you look best eventually building a knowledge base is absolutely vital 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 kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody 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 an industry accept that why our payroll and payments so often 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 people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more important to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so once again you’re simply wanting to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger 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 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 viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on employees it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful impact on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Using the first Worldwide Payments very first payroll payment option is a great preliminary action towards providing an extensive payroll option for workers worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts needed for international payroll are key consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Eventually, we don’t do it for the appreciation.

anyhow we understand how how crucial a role 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 simple as possible for everybody that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying 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 require days of the week to attempt to browse them and actually see what was going on and type of try to return to everyone so carrying on appearance why do business select to primary different checking account there are What Does Papaya Global Do businesses out there doing exactly this for particular countries and I have actually worked in an organization or many companies doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anyone that’s managing 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 amount that we are I think lots of reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new savings 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 gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs looking at it needs changing however eventually individuals are really stuck to what they recognize

with ideal um change is a tough thing we all don’t like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining multiple bank accounts but there’s a huge quantity of intricacy chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial however I believe the sincere answer is change um people have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so

I just did you switched 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 workers you are worthy of a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you What Does Papaya Global Do

I discover time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the customer why you ought to be utilized or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities 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 huge impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage against misclassification however normally premiums are just covering the cost of legal charges whilst the typical claim evaluated against companies relates to to 40 or 50 percent of the base pay of employee exists any point in taking out 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 charge and interest in most cases I have not seen it a minimum of so uh the the other area 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 coverage on the basis of the truth that you were not in compliance with laws um in the UK

Managing payroll internationally is a daunting task … What Does Papaya Global Do…

How much revenue does the company make? What Does Papaya Global Do

Over the last 5 or 6 years …What Does Papaya Global Do… roles on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really 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 really gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain different

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic 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 precisely effectively firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include further intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very very basic there’s no genuine consistency structure we’re residing 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 and that simply blows my mind every time I I believe

about it to offer 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 honestly the more a business spends on international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the wrong location the typical cost 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 around the globe payroll and payments do not run smoothly if they rely on the needed several processes 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 obstacles business face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does

it need to be thought of there’s varying 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if but 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 definitely fundamental and innovation is enabling us to sort of move on with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high value on wellness and the compensation landscape is ending up being progressively intricate. Companies are continually introducing brand-new advantages and payment choices, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically sophisticated age, there’s no validation for keeping cumbersome treatments. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even small hold-ups can adversely impact employees’ wellness and have far-reaching consequences. Therefore, it’s important to prioritize precise and timely payments.

payroll team get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us hear 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 exercise 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 things is definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll option for your workers internationally once again I think is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their International 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks

anyway we know how how essential 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 involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everyone so proceeding appearance why do companies select to primary separate savings account there are What Does Papaya Global Do organizations out there doing exactly this for specific countries and I have actually operated in a service or many services doing exactly 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 developing additional work for any person where we do not need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing however ultimately people are really stuck with what they recognize

with best um modification is a hard thing we all don’t like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several bank accounts however there’s a huge amount of complexity goes with setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is substantial however I believe the sincere response is modification um people have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually constantly 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 could practically be identified to be the next Century approximately there is a lot to track and this approach does posture a number of challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you What Does Papaya Global Do

I find time and time again the employees often misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the customer why it’s optimum generally to the customer why you ought to be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted 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 gone by they haven’t contributed to pensions And so on so it’s a big impact that they never 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 ten years um Kathy companies are taking out insurance coverage against misclassification however typically premiums are just covering the cost of legal fees whilst the average claim evaluated against employers corresponds to to 40 or half of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do require to check out 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 area 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK