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Managing payroll internationally is an overwhelming job … Papaya Global Data Optimise…

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 revealed settlements there’s also substantial legal costs there’s there’s other charges there’s other costs behind that also so the total cost can be really significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is really simply the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a lot of unpredictability amongst business on what it actually indicates and how you deal with it most employers are just not familiar with the guidelines 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 category viewpoint fine 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 employee Papaya Global Solutions Internship Gainesville specifically when it concerns their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the opposite of the coin

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Over the last 5 or six years …Papaya Global Data Optimise… functions on the service provider side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 extremely dreary and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes increasingly more complex Worldwide companies are wanting to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint many organizations preserve separate bank account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different bank accounts sometimes in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business enhance the episode complex procedures of

Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a troublesome job into a strategic asset.

due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems often result in manual procedures, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. In spite of living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify and enhance international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in global payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the average expense of a global data 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 efficiently if they depend on the necessary numerous procedures 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 difficulties business face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be included ideal and what does

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it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look right eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 absolutely fundamental and technology is enabling us to sort of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely essential that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I’ve 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 split the payroll payment from calculation 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 eventually 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 likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations across the world so again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge 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 individuals I think yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate 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 a period of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost viewpoint from an effect point of view on employees it is absolutely critical that it’s done properly and on time so what we mean 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 effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. Therefore, it is vital to make sure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first Global Payments first payroll payment option is an excellent preliminary action towards providing a comprehensive payroll service for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account needed for worldwide payroll are key consider achieving service 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 do not go as planned. Ultimately, we do not do it for the appreciation.

anyhow we understand how how essential 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 simple as possible for everyone that’s involved in those procedures and also so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require 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 moving on appearance why do business choose to main separate savings account there are Papaya Global Data Optimise services out there doing exactly this for particular countries and I have actually worked in a company or numerous companies doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas 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 think people have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing however eventually people are very stuck with what they’re familiar

with ideal um modification is a hard thing we all do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining multiple bank accounts however there’s a substantial amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is huge however I believe the truthful answer is change um individuals have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to monitor and this approach does position numerous obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Data Optimise

I discover time and time again the employees typically misclassified unknowingly they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous generally to the client why you should be employed or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added 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 companies are securing insurance against misclassification however generally premiums are only covering the cost of legal charges whilst the typical claim evaluated against employers relates to to 40 or half of the base salary of worker exists any point in securing insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in many cases I have not seen it a minimum of so uh the the other location 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK