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Handling payroll internationally is a daunting task … Papaya Global Cis Software…

openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also significant legal costs there exists’s other charges there’s other expenses behind that as well so the total expense can be really significant 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 really just the rules are complex and they’re altering all the time think ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of unpredictability amongst business on what it actually 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 all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a category point of view alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the worker Papaya Global Set Payroll To Run Automatically especially when it pertains to their own tax liabilities social security and benefits for example jury and certainly the workers the opposite of the coin

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Over the last 5 or six years …Papaya Global Cis Software… roles on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all 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 currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll likewise go over a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them becomes a growing number of intricate International companies are wanting to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve separate bank accounts often in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business enhance the episode complex procedures of

Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a challenging job into a tactical possession.

due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and companies adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Despite residing in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and services to simplify and optimize 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 gives me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have 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 data entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the needed numerous 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 obstacles organization face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of right and what does

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it require to be thought of there’s varying 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 ideal eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble very payments no if but some infants 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 absolutely essential and technology is permitting us to type of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 data 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

world we live in and well-being being a growing number of important to add to type of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re just wanting to add a growing number of payments to this already complex landscape so if you type 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 challenges or genuine challenging sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect point of view on employees 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 greatest damaging result on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 things is definitely important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is an excellent initial step um supplying an end-to-end payroll solution for your employees worldwide again I think is another substantial um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and reducing the number of tools platforms and savings account they require 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks

anyway we understand 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 associated with those processes and likewise so imagine sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean up 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 require days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everybody so proceeding look why do companies choose to primary different savings account there are Papaya Global Cis Software companies out there doing precisely this for particular nations and I have actually operated in an organization or lots of businesses doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods 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 altering however eventually individuals are very stuck with what they’re familiar

with best um change is a challenging thing we all do not like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining numerous checking account however there’s a big amount of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is substantial but I believe the honest answer is change um individuals have not been able to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element 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 proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep an eye on and this method does position several obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Cis Software

I discover time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous generally to the customer why you must be used or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee 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 passed they have not contributed to pensions And so on so it’s a huge impact that they never 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 ten years um Kathy business are securing insurance coverage versus misclassification however normally premiums are only covering the expense of legal charges whilst the typical claim examined against employers relates to to 40 or half of the base pay of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it at least so uh the the other area that I do think 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK