Handling payroll globally is a daunting task … Does Papaya Global Pay My Payroll Taxes…

How much revenue does the company make? Does Papaya Global Pay My Payroll Taxes

Over the last 5 or six years …Does Papaya Global Pay My Payroll Taxes… roles on the provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s very really dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap and that ought to leave his time at the very extremely 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 Global workforces end up being more and more typical and managing them becomes a growing number of complicated International organizations are looking to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment perspective numerous companies maintain separate bank account just for payroll while some have several accounts in different countries does it make sense for business to maintain separate checking account often in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex processes of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Workforce is presently 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 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 worldwide in the conventional payroll design there’s typically an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency structure we’re living in an era 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 and that just blows my mind every time I I think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what does not require to be consisted of best and what does

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 timespan 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 intricacy any place you look ideal eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if however some children 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 absolutely basic and innovation is allowing us to type of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 3rd parties so with the

world we reside in and wellness being a growing number of important to add to sort of the level of complexity there’s more and more benefits being organ or being provided by businesses throughout the world so again you’re simply wanting to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the bigger 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 teams feeding details into the next function as it were that’s actually managing the payment side of things but you know 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 create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong 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 also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment service is a fantastic first step um supplying an end-to-end payroll solution for your staff members globally once again I think is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and decreasing the variety of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we know how how crucial 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so proceeding appearance why do business select to primary separate checking account there are Does Papaya Global Pay My Payroll Taxes organizations out there doing precisely this for specific countries and I have actually worked in an organization or lots of businesses doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and any person 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 amount that we are I believe lots of reasons one is it’s the standard I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing however ultimately people are really stuck to what they recognize

with ideal um change is a difficult thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several savings account but there’s a substantial quantity of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is huge but I think the honest answer is change um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep track of and this approach does posture several challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I recently made a change 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 actually gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Does Papaya Global Pay My Payroll Taxes

I discover time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of work or agreement and are told by the customer why it’s optimum generally to the customer why you should be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker 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 passed they haven’t contributed to pensions Etc so it’s a huge impact that they never understood they were strolling 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 business are getting insurance coverage against misclassification but usually premiums are just covering the expense of legal costs whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance 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 penalty and interest most of the times I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK

Managing payroll globally is a challenging job … Does Papaya Global Pay My Payroll Taxes…

openly announced 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 likewise significant legal expenses there exists’s other charges there’s other expenses behind that too so the total expense can be extremely significant in the tens of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is actually simply the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for numerous years now and and still a lot of uncertainty amongst companies on what it truly suggests and how you handle it most employers are merely not knowledgeable about the rules and and act as if the the guidelines are the same all over which they’re not so so motivate 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 just the business that suffers in the long run what results can this have on the worker Papaya Global Ru especially when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the workers the other side of the coin

How much revenue does the company make? Does Papaya Global Pay My Payroll Taxes

Over the last 5 or 6 years …Does Papaya Global Pay My Payroll Taxes… roles on the company side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two 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 intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly 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 elsewhere at this moment in time fine 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 International payroll why business preserve different

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

Making sure accurate, effective, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how business anticipate payroll costs to enhance working capital, and discover how improving global payroll payments can change them from a difficult job into a strategic property.

due to numerous guidelines, compliance requirements, information security issues, and banking rules. The sheer number of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems frequently lead to manual processes, data silos, and a lack of combination, leading to disparities and inefficiencies. Regardless of living in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize global payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be included best and what does

it need to be considered there’s varying Bank details 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and technology is permitting us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m constantly amazed when individuals say I’ve split 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 split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high value on wellness and the settlement landscape is becoming increasingly intricate. Businesses are continually introducing new benefits and payment choices, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically innovative age, there’s no reason for keeping cumbersome procedures. Payroll, the business’s greatest expenditure, must be processed correctly and on time. Even slight hold-ups can adversely affect workers’ wellness and have significant repercussions. For that reason, it’s vital to prioritize accurate and timely payments.

payroll team get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll service for your staff members internationally again I believe is another big um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand how how essential 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 think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean up 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 need days of the week to attempt to look through them and really see what was going on and type of try to get back to everybody so carrying on look why do companies select to primary different bank accounts there are Does Papaya Global Pay My Payroll Taxes organizations out there doing precisely this for specific nations and I’ve worked in a service or numerous companies doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t have 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 believe numerous reasons one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute 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 range I think this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck with what they’re familiar

with right um modification is a tough thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving numerous bank accounts however there’s a huge quantity of intricacy opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is substantial however I believe the sincere response is change um individuals haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually 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 understand what could practically be figured out to be the next Century approximately there is a lot to track and this technique does posture a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I just did you switched our Enterprise 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 employees you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Does Papaya Global Pay My Payroll Taxes

I discover time and time again the workers typically misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the client why you must be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions And so on so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage against misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim assessed versus employers relates to to 40 or half of the base salary of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small 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 location 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 coverage on the basis of the truth that you were not in compliance with laws um in the UK