Papaya Global Nicaragua 2024 – Get Started

Managing payroll globally is a difficult job … Papaya Global Nicaragua…

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 also substantial legal costs there’s there’s other penalties there’s other expenses behind that also so the overall cost can be very significant in the tens of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so incorrect is really simply the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a lot of uncertainty among business on what it really means and how you deal with it most companies are simply not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a classification 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 Rd Tax Credit Can Offset Payroll Taxes Papaya Global specifically when it concerns their own tax liabilities social security and benefits for example jury and undoubtedly the employees the other side of the coin

How much revenue does the company make? Papaya Global Nicaragua

Over the last 5 or 6 years …Papaya Global Nicaragua… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting 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 comes from and I really do hope it’s much sunnier than it remains 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 very very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which ought to leave his time at the really 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 Global workforces become more and more typical and handling them becomes a growing number of complicated International companies are wanting to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective many organizations maintain different savings account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different savings account sometimes in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex procedures of

Ensuring precise, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome job into a tactical asset.

due to different policies, compliance requirements, information security concerns, and banking rules. The large number of workers and services contributes to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.

Standard payroll systems typically lead to manual procedures, data silos, and an absence of integration, leading to disparities and inadequacies. Despite residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to supply insights and options to streamline 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 businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of international companies 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 due to time reporting bad HCM data data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the required 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 challenges organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and state what is it what does not need to be included right and what does

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

it require 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and finance groups work better together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure 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 3rd parties so with the

world we reside in and well-being being a growing number of crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re simply seeking to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any business has from a cost point of view from an effect perspective on workers it is definitely critical that it’s done properly and on time so what we suggest 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 damaging result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been amazed 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 fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however 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 vital that all of this things is done properly so leveraging the first International Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll service for your workers globally again I think is another substantial um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of businesses and reducing the variety 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’ve never had a hundred countless 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 problems where things have not gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks

anyhow we understand 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous 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 attempting to clean all those up for sure oh definitely I can’t think of 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 try to get back to everyone so moving on look why do business select to primary separate savings account there are Papaya Global Nicaragua companies out there doing exactly this for particular nations and I have actually worked in a service or many services doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s dealing with 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 lots of factors one is it’s the standard I believe people have actually got so used to we need a brand-new savings 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 individuals have embraced and continue to do over years and years passed by to add to that individuals have actually 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 requires changing however ultimately individuals are extremely stuck to what they’re familiar

with ideal um modification is a hard thing all of us do not like modification um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping several bank accounts however there’s a big amount of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big however I believe the sincere response is modification um individuals haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly 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 understand what might nearly be figured out to be the next Century approximately there is a lot to track and this technique does posture a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Nicaragua

I discover time and time again the employees typically misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the client why it’s optimum generally to the customer why you must be used or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions Etc so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification however normally premiums are only covering the cost of legal fees whilst the typical claim evaluated versus employers relates to to 40 or 50 percent of the base pay of employee exists any point in securing insurance coverage 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 charge 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 stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK