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Managing payroll worldwide is a challenging task … Papaya Global Botswana…

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 revealed settlements there’s likewise significant legal expenses there exists’s other penalties there’s other costs behind that as well so the overall expense can be extremely significant in the tens of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is actually just the rules are intricate and they’re changing all the time believe ir-35 in the UK which has been a continuous advancement for a number of years now and and still a lot of unpredictability amongst companies on what it truly means and how you handle it most companies are merely not aware of the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a classification point of view fine thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the staff member Which Hours Number Do I Use On Papaya Global Payroll particularly when it concerns 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 Botswana

Over the last 5 or six years …Papaya Global Botswana… roles on the supplier side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody 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 type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates 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 really extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and managing them ends up being more and more complicated Worldwide companies are aiming to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment standpoint lots of organizations maintain separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep different checking account in some cases in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex processes of

Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a challenging task into a tactical asset.

due to different policies, compliance requirements, data security issues, and banking rules. The large variety of workers and businesses adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems typically result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. Despite living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and options to streamline and enhance international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide services have actually revealed that they don’t 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 information entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the required numerous procedures 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 organization face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be consisted of right and what does

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it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 eventually developing a knowledge base is definitely vital but all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to sort of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals 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 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 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 however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by companies throughout the world so once again you’re simply wanting to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things however 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 produce additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost perspective from an effect viewpoint on workers it is definitely crucial that it’s done properly and on time so what we suggest 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 harmful effect on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the

The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great 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 go wrong. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first International Payments first payroll payment option is a terrific preliminary action towards offering an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account essential for worldwide payroll are essential factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyhow we understand how how important 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 easy as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying 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 really see what was going on and sort of shot to get back to everyone so moving on appearance why do companies pick to primary separate bank accounts there are Papaya Global Botswana companies out there doing precisely this for particular nations and I’ve worked in a company 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 developing extra work for anyone where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think individuals have got so used to we need a new checking account we open an entity and appropriately 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 just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a process that requires looking at it needs altering however eventually individuals are extremely stuck to what they recognize

with right um change is a hard thing we all don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping numerous checking account however there’s a big amount of complexity goes with establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big however I believe the truthful answer is change um individuals haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this technique does present numerous difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Botswana

I discover time and time again the employees often misclassified unconsciously they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous mainly to the customer why you need to be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added to pensions And so on so it’s a huge impact that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are securing insurance coverage against misclassification however typically premiums are only covering the cost of legal costs whilst the average claim examined versus employers relates to to 40 or 50 percent of the base pay of worker is there any point in securing insurance coverage 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 most of the times I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK