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Handling payroll globally is an overwhelming job … Papaya Global Belize…

publicly announced 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 likewise considerable legal expenses there exists’s other penalties there’s other expenses behind that also so the overall cost can be very significant in the 10s of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is really simply the rules are complicated and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of uncertainty among companies on what it actually means and how you deal with it most employers are simply not familiar with the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a classification point of view okay 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 Global Have To Keep Enabling Online Documents specifically when it concerns their own tax liabilities social security and benefits for instance jury and certainly the employees the opposite of the coin

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Over the last 5 or 6 years …Papaya Global Belize… roles on the company side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite 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 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 sunshine is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise go over a wrap-up which ought to leave his time at the very very 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 labor forces end up being increasingly more common and handling them becomes a growing number of complicated International organizations are seeking to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective many companies maintain separate bank account just for payroll while some have several accounts in various countries does it make good sense for business to maintain different bank accounts in some cases in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies improve the episode complex procedures of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they add more complexity the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very extremely basic there’s no genuine consistency structure we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international businesses 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 data information entry mistakes poorly communicated hires and terminations along with absence management and system setups 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 information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be consisted of ideal 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 have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if but some children 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 permitting us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of important to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being used by businesses throughout the world so again you’re simply looking to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or real challenging sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a service 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 info into the next function as it were that’s really managing the payment side of things but 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 need to produce extra handoffs in the processes 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 an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost viewpoint from an impact perspective on employees it is absolutely crucial that it’s done correctly and on time so what we imply 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 detrimental effect on people’s well-being and lots of other elements if people aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your staff members worldwide again I think is another big um process again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of services and reducing the number of tools platforms and bank accounts they need for their Global 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 do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks

anyway 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 processes and likewise so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely 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 browse them and in fact see what was going on and type of shot to return to everybody so moving on appearance why do business choose to main different savings account there are Papaya Global Belize organizations out there doing exactly this for particular nations and I’ve worked in an organization or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and anybody 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 lots of reasons one is it’s the requirement I believe people have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals 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 lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering however 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 kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving numerous savings account however there’s a substantial amount of intricacy opts for setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is substantial however I think the truthful response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or two there is a lot to track and this approach does posture numerous challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so

I simply did you changed 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 workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Belize

I discover time and time again the workers frequently misclassified unconsciously they do not understand the conditions of work or contract and are told by the customer why it’s optimum primarily to the customer why you should be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care privileges 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 far too late years have actually gone by they have not contributed to pensions Etc so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance versus misclassification but usually premiums are only covering the expense of legal fees whilst the average claim evaluated versus companies corresponds to to 40 or half 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 for the most part I haven’t seen it a minimum of so uh the the other location 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK