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Managing payroll internationally is an overwhelming job … Papaya Global Education…

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 substantial legal expenses there’s there’s other charges there’s other expenses behind that too so the overall cost can be very considerable in the 10s of countless dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is truly just the rules are intricate and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a great deal of uncertainty amongst companies on what it actually implies and how you deal with 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 encourage you to to be really proactive as you’re engaging uh workers from a category viewpoint okay 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 Loket Papaya Globals Terdekat particularly when it concerns their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the other side of the coin

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Over the last 5 or six years …Papaya Global Education… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join all of us 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 just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was elsewhere 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 difficulty years of managing Worldwide payroll why business keep different

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for services operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a troublesome task into a strategic possession.

due to various regulations, compliance requirements, information security issues, and banking rules. The large variety of staff members and companies adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems frequently result in manual procedures, information silos, and a lack of integration, causing disparities and inadequacies. Despite residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and options to streamline and enhance global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of global organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of right and what does

it require to be considered there’s differing 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 complexity wherever you look best eventually building a knowledge base is absolutely vital however all over you look with payroll payment they are like 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to sort of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations across the world so again you’re simply wanting to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would absolutely state 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 details into the next function as it were that’s really managing the payment side of things but you know 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 require to develop additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from an expense point of view from an effect point of view on workers it is definitely critical that it’s done properly and on time so what we indicate 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 destructive result on people’s wellness and numerous other factors if people aren’t paid uh I have actually always been surprised entering into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this sort of webinar has actually been informed 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 ultimately payroll is such a crucial 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 simply a tick box exercise and I think 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 stuff is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your employees globally again I believe is another big um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and savings account they require 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not 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 know 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 likewise so think of sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up 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 need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everybody so proceeding look why do business select to main separate savings account there are Papaya Global Education services out there doing precisely this for particular countries and I have actually worked in a service or many companies doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t have to and anybody that’s dealing with 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 amount that we are I think lots of factors one is it’s the requirement I think people have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering but ultimately people are really stuck to what they’re familiar

with ideal um modification is a tough thing all of us do not like change um so I think it’s simply 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 certainly the advantages of having maintaining multiple savings account but there’s a big amount of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I think the sincere answer is modification um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank 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’ve always 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 understand what might practically be identified to be the next Century approximately there is a lot to monitor and this method does posture several challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just 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 staff members 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 Education

I find time and time again the employees typically misclassified unwittingly 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 need to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions Etc so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance coverage against misclassification however usually premiums are only covering the cost of legal costs whilst the typical claim evaluated against companies relates 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 read the small 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 believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK