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Handling payroll internationally is a difficult task … Papaya Global Year End 2019 Guide…

openly revealed 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 also substantial legal expenses there exists’s other charges there’s other expenses behind that as well so the total cost can be extremely significant in the tens of countless dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is truly just the rules are intricate and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a lot of unpredictability among companies on what it really suggests and how you deal with it most employers are merely 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 really proactive as you’re engaging uh workers from a classification viewpoint alright thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the staff member Papaya Global Basic particularly when it pertains to their own tax liabilities social security and benefits for example jury and undoubtedly the workers the opposite of the coin

How much revenue does the company make? Papaya Global Year End 2019 Guide

Over the last 5 or six years …Papaya Global Year End 2019 Guide… functions on the provider side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort 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 sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy 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 taking a look at the challenge years of managing Worldwide payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also go over a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them ends up being increasingly more complicated Worldwide companies are seeking to find Solutions and new methods to enhance processes particularly from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain different checking account often in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business improve the episode complex procedures of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently a frustrating variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely really standard there’s no genuine consistency framework we’re living in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international organizations have actually revealed 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 bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical expense of a global 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 do not run smoothly if they count on the needed several processes systems and partners it is simply 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 good question I always toss this back and state what is it what doesn’t require to be included right and what does

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it need to be thought about there’s varying Bank information 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 typically 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more crucial to add to sort of the level of intricacy there’s more and more benefits being organ or being offered by businesses across the world so again you’re just looking to include more and more payments to this currently complicated landscape so if you sort 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 challenges or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any service has from an expense perspective from an impact point of view on staff members it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful impact on individuals’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly 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 we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll option for your employees globally again I think is another substantial um process again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and reducing 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five 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 do not believe any of us are really doing that for for the thanks

anyhow we understand how how important 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 simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and kind of try to return to everyone so proceeding appearance why do business pick to main separate bank accounts there are Papaya Global Year End 2019 Guide services out there doing exactly this for particular nations and I’ve operated in a business or numerous businesses doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s handling 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 amount that we are I think numerous reasons one is it’s the standard I think individuals have got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually 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 many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing however eventually individuals are really stuck to what they recognize

with right um change is a difficult thing all of us do not like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several bank accounts however there’s a substantial amount of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is big however I think the sincere answer is change um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this method does pose a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Year End 2019 Guide

I discover time and time again the employees often misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the client why you ought to be utilized or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they have not added to pensions Etc so it’s a huge effect that they never understood they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are getting insurance coverage against misclassification however usually premiums are only covering the expense of legal costs whilst the average claim evaluated versus employers corresponds to to 40 or 50 percent of the base salary of employee exists any point in getting 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 charge 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 stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK