Handling payroll globally is an overwhelming job … Papaya Global Services/Employee…

How much revenue does the company make? Papaya Global Services/Employee

Over the last five or six years …Papaya Global Services/Employee… roles on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve different

Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely fundamental there’s no genuine consistency structure we’re residing 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 frequently with pen and paper which just 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 only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have 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 because of time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the needed several processes 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 an excellent concern I constantly throw this back and state what is it what does not need to be included ideal and what does

it require to be thought about there’s differing 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 need to pay from an in-country account do you have 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 absolutely vital however all over you look with payroll payment they are like incredibly 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses across the world so again you’re just looking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely 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 job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an impact viewpoint on workers it is definitely crucial that it’s done properly 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 biggest destructive impact on people’s well-being and many other elements if people aren’t paid uh I’ve always been astonished coming into this Market kind of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anyone on this sort of webinar has been told 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 employees or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout 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 stuff is absolutely important that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a great primary step um providing an end-to-end payroll option for your employees worldwide once again I believe is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t 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 think any of us are in fact doing that for for the thanks

anyhow we understand how how essential 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 simple as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t imagine 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 really see what was going on and kind of try to return to everybody so proceeding appearance why do business select to main different savings account there are Papaya Global Services/Employee organizations out there doing precisely this for particular countries and I have actually operated in an organization or many services doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a process that needs looking at it needs changing but eventually individuals are really stuck with what they recognize

with best um modification is a tough thing all of us do not like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving numerous savings account however there’s a big quantity of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big but I believe the sincere answer is modification um individuals have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element 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 proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Services/Employee

I discover time and time again the employees typically misclassified unknowingly they don’t understand the conditions of employment or agreement and are told by the client why it’s optimum primarily to the client why you must be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care advantages 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 ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification however normally premiums are only covering the expense of legal fees whilst the average claim evaluated against employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other area 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

Handling payroll internationally is a complicated task … Papaya Global Services Employee…

publicly 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 charges there’s other expenses behind that also so the overall expense can be extremely significant in the 10s of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is actually simply the guidelines are complicated and they’re changing 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 unpredictability among business on what it truly indicates and how you deal with it most employers are simply not knowledgeable about the rules and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a category viewpoint fine 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 employee Papaya Global Leaver After Fps especially when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the employees the opposite of the coin

How much revenue does the company make? Papaya Global Services Employee

Over the last 5 or six years …Papaya Global Services Employee… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number 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 fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really 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 extremely really bleak and I wish 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 obstacle years of managing Worldwide payroll why companies preserve separate

Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

Making sure precise, efficient, and prompt payroll payments is a complex obstacle for services running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can change them from a difficult task into a tactical asset.

due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and services adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.

Standard payroll systems typically lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to supply insights and solutions to streamline and optimize global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see an absence of presence also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of international organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint 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 constantly toss this back and state what is it what does not need to be included ideal 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 timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to kind of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world places a high worth on well-being and the settlement landscape is ending up being significantly complex. Services are continually introducing new benefits and payment choices, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically sophisticated age, there’s no justification for maintaining cumbersome treatments. Payroll, the company’s most significant expense, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ wellness and have far-reaching repercussions. For that reason, it’s vital to prioritize accurate and timely payments.

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Using the very first International Payments very first payroll payment service is a fantastic preliminary step towards supplying a detailed payroll option for staff members worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account needed for global payroll are essential consider attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.

anyway 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 involved in those procedures and likewise so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest 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 all those up for sure oh definitely 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 check out them and in fact see what was going on and type of shot to return to everyone so proceeding appearance why do companies choose to main different checking account there are Papaya Global Services Employee organizations out there doing precisely this for particular nations and I’ve worked in a business or lots of organizations 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 producing extra work for anybody where we don’t have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe people have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions 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 the people have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs altering but eventually individuals are very stuck with what they recognize

with best um change is a difficult thing we all do not like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining several bank accounts but there’s a substantial quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial but I think the sincere response is change um people haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does pose several challenges um so Johnny could you inform us about those obstacles 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 handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Services Employee

I find time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the client why it’s optimum generally to the customer why you should be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities 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 passed they haven’t contributed 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 state the UK for example hmrc can return as much as ten years um Kathy business are securing insurance coverage against misclassification but generally premiums are only covering the cost of legal fees whilst the average claim evaluated against companies relates to to 40 or 50 percent of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest for the most part I have not seen it at least so uh the the other location 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 denied protection on the basis of the fact that you were not in compliance with laws um in the UK