Papaya Global España 2024 – Get Started

Handling payroll internationally is a daunting job … Papaya Global España…

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 significant legal expenses there exists’s other penalties there’s other expenses behind that as well so the overall expense can be extremely considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so wrong is truly simply the rules are intricate and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for a number of years now and and still a great deal of unpredictability among business on what it truly indicates and how you handle it most employers are just 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 really proactive as you’re engaging uh workers from a category perspective okay 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 worker What Is Intuit Papaya Global Payroll Annual especially when it comes to their own tax liabilities social security and advantages for instance jury and obviously the workers the opposite of the coin

How much revenue does the company make? Papaya Global España

Over the last five or 6 years …Papaya Global España… roles on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type 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 dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the worldwide Labor force is presently 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 currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll design there’s typically a frustrating number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely very fundamental there’s no genuine consistency framework we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of international services have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the essential 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 organization face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t require to be included best and what does

https://www.youtube.com/watch?v=K0xho7hqVN4&pp=ygUNcGFwYXlhIGdsb2JhbA%3D%3D

it need to be considered there’s varying Bank information 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if but some children 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 definitely essential and innovation is allowing us to type of progress with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals say I have actually 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 calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of important to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by companies throughout the world so once again you’re just seeking to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or real difficult kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would certainly state that the bigger a service 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 groups feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect perspective on employees it is absolutely crucial that it’s done properly 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 greatest harmful effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic initial step um offering an end-to-end payroll option for your staff members internationally again I think is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of businesses and decreasing the number of tools platforms and savings account they require for their International 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks

anyway we understand how how essential a function it is which’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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everyone so moving on appearance why do companies pick to main different savings account there are Papaya Global España organizations out there doing exactly this for specific nations and I have actually operated in an organization or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anyone 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 numerous factors one is it’s the standard I think people have got so utilized to we require a brand-new savings account we open an entity and rightly so you need 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 standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering but eventually individuals are extremely stuck with what they recognize

with right um modification is a tough thing all of us do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping several savings account however there’s a huge amount of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is huge however I believe the truthful response is modification um individuals have not had the ability to alter or have not had necessarily 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 believe it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or so there is a lot to monitor and this method does present numerous difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global España

I discover time and time again the workers typically misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s optimum primarily to the customer why you need to be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee 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 gone by they have not added to pensions Etc so it’s a big impact that they never ever knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are getting insurance coverage against misclassification but generally premiums are just covering the cost of legal charges whilst the average claim examined versus companies corresponds to to 40 or half of the base salary of worker is there any point in securing 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 in most cases I have not seen it at least so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK