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Managing payroll internationally is a difficult task … Papaya Global Hr 40M Series 45M…

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 announced settlements there’s likewise significant legal expenses there’s there’s other penalties there’s other expenses behind that too so the overall cost can be extremely substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so incorrect is really simply the rules are intricate and they’re changing all the time think ir-35 in the UK which has been an ongoing development for a number of years now and and still a lot of uncertainty amongst companies on what it really indicates and how you handle it most companies are just not knowledgeable about the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a classification viewpoint fine thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the staff member How To Deal With Pay Advances Through Papaya Global especially when it pertains to their own tax liabilities social security and benefits for example jury and undoubtedly the workers the opposite of the coin

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Over the last 5 or 6 years …Papaya Global Hr 40M Series 45M… roles on the service provider side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of 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 interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them ends up being more and more intricate International organizations are wanting to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective many companies keep separate checking account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different checking account in some cases in various nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very extremely standard there’s no real consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t need to be included 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 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 have to pay from the consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly impressed 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 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 often split and cut up um ultimately it’s payroll is an end-to-end process 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 wellness being more and more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being provided by organizations throughout the world so again you’re just aiming to include more and more 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 sure however have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not 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 simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from a cost perspective from an effect point of view on employees it is definitely vital 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 most significant destructive effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been surprised coming into this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this type of webinar has 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 workers or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your employees internationally again I think is another substantial um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of services and reducing the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we know 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 easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh definitely 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 really see what was going on and sort of shot to return to everybody so proceeding look why do business select to primary different bank accounts there are Papaya Global Hr 40M Series 45M companies out there doing precisely this for specific nations and I have actually operated in a business or many services doing exactly that I can state it does not always 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 any person 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 amount that we are I think many reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering however ultimately individuals are really stuck to what they recognize

with best um change is a hard thing all of us don’t like modification um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping numerous checking account however there’s a substantial quantity of complexity opts for establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is big however I think the honest response is change um people have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Hr 40M Series 45M

I find time and time again the workers often misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the customer why it’s optimum generally to the client why you need to be used or engaged in this fashion the employee might 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 added to pensions Etc so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance coverage against misclassification however normally premiums are only covering the cost of legal charges whilst the average claim examined versus employers relates to to 40 or half of the base pay of employee is there any point in getting insurance coverage 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 in most cases I have not seen it a minimum of so uh the the other area that I do believe 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