Handling payroll internationally is a daunting task … Papaya Global Won\’t Download As Searching For Previous Version…

publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s also significant legal expenses there exists’s other penalties there’s other expenses behind that too so the total expense can be really considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has actually been a continuous development for several years now and and still a great deal of uncertainty amongst companies on what it really means and how you handle it most employers are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a classification viewpoint all right thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the employee Papaya Globals Ppob specifically when it comes to their own tax liabilities social security and advantages for instance jury and certainly the employees the other side of the coin

How much revenue does the company make? Papaya Global Won\’t Download As Searching For Previous Version

Over the last 5 or 6 years …Papaya Global Won\’t Download As Searching For Previous Version… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually 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 or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very bleak and I want I was somewhere else at this moment in time alright 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 handling Global payroll why companies maintain separate

Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging task into a tactical possession.

due to various policies, compliance requirements, data security concerns, and banking rules. The sheer number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, causing disparities and inadequacies. Despite living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international businesses have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the needed 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 organization face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included best and what does

it require to be thought of 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 customer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely critical however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m always surprised when people 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 divide the payroll payment from estimation 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 data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more essential to contribute to kind of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re just wanting to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect point of view on staff members 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 have to be done right it has the greatest destructive result on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market kind of the last five to ten years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment solution is a fantastic initial step towards offering a comprehensive payroll service for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts required for global payroll are essential factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyhow we know how how crucial 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 everybody that’s involved in those procedures and also so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply 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 all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of shot to get back to everybody so proceeding appearance why do companies choose to main different checking account there are Papaya Global Won\’t Download As Searching For Previous Version services out there doing exactly this for particular nations and I have actually worked in a business or many services doing exactly that I can state it does not constantly feel efficient and it does create 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 any person that’s dealing with 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 lots of reasons one is it’s the requirement I believe individuals have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck to what they’re familiar

with right um change is a tough thing all of us don’t like modification um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining numerous checking account but there’s a substantial quantity of intricacy chooses setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is substantial but I believe the honest answer is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think 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 looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or two there is a lot to track and this method does present a number of obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so

I simply did you changed 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 Worldwide employees you are worthy of a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Won\’t Download As Searching For Previous Version

I find time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of work or contract and are informed by the client why it’s most advantageous mainly to the customer why you ought to be used or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 actually passed they haven’t added to pensions And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance against misclassification but generally premiums are just covering the cost of legal charges whilst the typical claim assessed versus employers relates to to 40 or 50 percent of the base pay of employee is there any point in getting 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 most of the times I have not seen it at least 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 protection on the basis of the reality that you were not in compliance with laws um in the UK

Managing payroll internationally is a complicated job … Papaya Global Wont Download As Searching For Previous Version…

How much revenue does the company make? Papaya Global Wont Download As Searching For Previous Version

Over the last five or 6 years …Papaya Global Wont Download As Searching For Previous Version… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type 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 drizzling here it’s extremely extremely bleak and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll also go over a wrap-up and that needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them ends up being more and more complex International organizations are aiming to discover Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment standpoint lots of 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 checking account sometimes in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business improve the episode complex processes of

Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can change them from a challenging task into a tactical property.

due to various regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.

Conventional payroll systems often result in manual procedures, data silos, and a lack of combination, leading to disparities and inadequacies. In spite of residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and services to streamline and optimize global payroll payments.

about it to provide you an idea 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 invests in worldwide payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have actually expressed 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 poor HCM information data entry errors poorly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the required numerous processes systems and partners it is simply 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 paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not require to be consisted of best and what does

it need to be considered there’s differing 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 capabilities 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 any place you look ideal ultimately developing a knowledge base is absolutely critical but 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed together than ever um I’m always amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high worth on well-being and the payment landscape is ending up being progressively detailed. Companies are continually presenting new advantages and payment alternatives, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically sophisticated period, there’s no reason for maintaining troublesome treatments. Payroll, the company’s biggest expenditure, must be processed correctly and on time. Even slight delays can negatively affect workers’ wellness and have significant repercussions. Therefore, it’s critical to prioritize precise and prompt payments.

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment option is an excellent preliminary step towards supplying a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and savings account required for worldwide payroll are key consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Eventually, 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 easy as possible for everyone that’s involved in those procedures and also so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true 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 try to return to everybody so moving on appearance why do business choose to main separate checking account there are Papaya Global Wont Download As Searching For Previous Version services out there doing precisely this for specific countries and I have actually operated in a business or lots of organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think people have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a process that needs looking at it requires altering but eventually people are really stuck to what they’re familiar

with right um modification is a tough thing all of us don’t like change um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping numerous savings account but there’s a big quantity of complexity opts for establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge but I believe the truthful response is modification um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does pose numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I recently made a change to our Business 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 acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Wont Download As Searching For Previous Version

I discover time and time again the employees often misclassified unconsciously they don’t understand the conditions of work or contract and are told by the customer why it’s most advantageous mainly to the client why you ought to be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not contributed to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t 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 against misclassification but normally premiums are only covering the expense of legal costs whilst the typical claim examined versus companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest for the most part I have not 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 pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK