Managing payroll internationally is a complicated job … Papaya Global Nigeria…

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 also so the total cost can be very significant in the 10s of countless dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is really simply the rules are complicated and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a lot of uncertainty amongst business on what it actually suggests and how you deal with it most employers are merely not knowledgeable about 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 classification point of view all right thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the employee Enhancing Hr Efficiency On A Budget With Papaya Global specifically when it comes to their own tax liabilities social security and benefits for instance jury and clearly the employees the other side of the coin

How much revenue does the company make? Papaya Global Nigeria

Over the last 5 or 6 years …Papaya Global Nigeria… roles on the company side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide 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 Global payroll payments as a strategic possession uh we’ll also go over a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them ends up being increasingly more complex International companies are looking to find Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have several accounts in different nations does it make good sense for business to preserve different savings account often in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex procedures of

Ensuring precise, effective, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to enhance working capital, and find how simplifying global payroll payments can transform them from a troublesome task into a strategic asset.

due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of employees and services adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, causing disparities and ineffectiveness. Despite living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of an image they see a lack of presence also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary numerous 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 challenges business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does

it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly 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 recognition that payroll payments are definitely basic and technology is allowing us to sort of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 eventually 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 third parties so with the

world we live in and well-being being increasingly more important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re just looking to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real obstacles or real challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you understand 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 extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from an expense point of view from an effect point of view on staff members it is definitely crucial 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 have to be done right it has the most significant damaging impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually constantly been impressed entering into this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this type of webinar has been informed 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 eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 stuff is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your employees internationally again I believe is another huge um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of services and decreasing the variety of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect 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 meant to be um I don’t believe 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na say think of 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 speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and kind of try to get back to everybody so carrying on look why do business pick to main separate checking account there are Papaya Global Nigeria businesses out there doing precisely this for specific nations and I have actually worked in a company or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately people are really stuck with what they recognize

with ideal um change is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous savings account however there’s a big quantity of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is substantial however I think the truthful answer is change um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this approach does posture several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Nigeria

I discover time and time again the employees typically misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the client why you should be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee 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 And so on so it’s a huge effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance coverage against misclassification but generally premiums are just covering the cost of legal fees whilst the average claim assessed against employers corresponds to to 40 or half of the base pay of worker is there any point in taking out 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 charge and interest in most cases I haven’t seen it at least so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK

Managing payroll internationally is an overwhelming task … Papaya Global Nigeria…

publicly revealed 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 likewise substantial legal costs there’s there’s other penalties there’s other costs behind that too so the overall expense can be very significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong is actually just the rules are intricate and they’re altering all the time think ir-35 in the UK which has been an ongoing development for numerous years now and and still a great deal of uncertainty amongst companies on what it actually means and how you handle it most employers are simply not aware of the rules and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a category perspective alright thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the worker Earlier Year Update Papaya Global especially when it pertains to their own tax liabilities social security and advantages for example jury and obviously the employees the opposite of the coin

How much revenue does the company make? Papaya Global Nigeria

Over the last five or six years …Papaya Global Nigeria… roles on the service provider side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 very very gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise discuss a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them becomes a growing number of complicated Global companies are aiming to find Solutions and new methods to improve procedures particularly from a payroll and cross-border payment standpoint many organizations maintain separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate savings account in some cases in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of

making payroll payments precisely effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming number of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency structure we’re living 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 often with pen and paper and that just blows my mind each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the necessary multiple procedures systems and partners it is simply 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 employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be included right and what does

it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super 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 recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 individuals 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 contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by businesses across the world so again you’re just aiming to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly say that the larger an organization 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 in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely 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 know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an impact point of view on staff members it is absolutely vital 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 need to be done right it has the biggest detrimental effect on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually always been amazed entering this Market kind of the last five to ten years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only see when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally as well. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first Worldwide Payments first payroll payment service is a fantastic initial action towards providing a thorough payroll option for staff members worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account essential for worldwide payroll are key consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Eventually, we do not do it for the gratitude.

anyhow we know how how important 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 associated with those processes and also so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting 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 need days of the week to try to browse them and in fact see what was going on and sort of shot to get back to everybody so moving on appearance why do companies choose to primary separate checking account there are Papaya Global Nigeria organizations out there doing precisely this for particular nations and I’ve worked in a business or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I believe people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing but eventually people are extremely stuck with what they recognize

with right um modification is a hard thing we all don’t like change um so I think it’s simply 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 undoubtedly the benefits of having preserving several bank accounts but there’s a big quantity of intricacy chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is substantial however I believe the sincere answer is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does posture several difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Nigeria

I find time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s most advantageous primarily to the client why you need to be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee 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 passed they haven’t added to pensions Etc so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance against misclassification however usually premiums are just covering the expense of legal charges whilst the typical claim evaluated versus employers relates to to 40 or half of the base salary of employee is there any point in securing insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest most of the times I haven’t seen it a minimum of 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK