Managing payroll worldwide is a difficult task … Papaya Global Re-enrolment…

How much revenue does the company make? Papaya Global Re-enrolment

Over the last 5 or 6 years …Papaya Global Re-enrolment… functions on the supplier side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us 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 simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually 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 drizzling here it’s extremely very dreary and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also review a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them becomes more and more complicated Global companies are looking to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate savings account in some cases in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex procedures of

Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and discover how enhancing international payroll payments can transform them from a challenging job into a strategic property.

due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.

Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be included ideal 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 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 intricacy anywhere you look right ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some infants 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 fundamental and technology is allowing us to sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing groups work better together than ever um I’m constantly surprised when people say I’ve divided 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 estimation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by companies across the world so once again you’re simply looking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or real tough kind of pay uses to play to pay people I think yeah I indicate 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 groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs at the same times 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 age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an impact point of view on employees it is definitely vital that it’s done correctly and on time so what we suggest 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 destructive impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a great first step um supplying an end-to-end payroll service for your employees worldwide once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their International 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’ve never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks

anyway we understand 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 procedures and also so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to return to everyone so carrying on appearance why do business pick to main separate savings account there are Papaya Global Re-enrolment organizations out there doing precisely this for specific nations and I’ve operated in a business or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for any person where we don’t have to and anybody 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 believe lots of factors one is it’s the standard I think individuals have got so used to we need a brand-new bank account we open an entity and rightly 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 requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of 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 needs changing however eventually individuals are really stuck with what they’re familiar

with right um modification is a hard thing we all don’t like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping numerous bank accounts however there’s a big quantity of complexity opts for setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is big but I believe the sincere answer is modification um individuals have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck 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 genuine reason 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 keep an eye on and this approach does pose numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have 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 Re-enrolment

I discover time and time again the employees typically misclassified unwittingly they do not understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous mainly to the customer why you ought to be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions And so on so it’s a huge effect that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance coverage against misclassification however generally premiums are only covering the expense of legal fees whilst the average claim examined against employers relates to to 40 or half of the base salary of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read 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 area 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 denied protection on the basis of the fact that you were not in compliance with laws um in the UK

Handling payroll internationally is an overwhelming task … Papaya Global Re Enrolment…

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 revealed settlements there’s likewise considerable legal costs there’s there’s other penalties there’s other expenses behind that as well so the total cost can be extremely considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is truly simply the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of uncertainty among companies on what it truly indicates and how you deal with it most employers are just not familiar with the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees 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 impacts can this have on the employee Papaya Global Distant Learning especially when it concerns their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin

How much revenue does the company make? Papaya Global Re Enrolment

Over the last five or six years …Papaya Global Re Enrolment… roles on the provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right 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 kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates 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 very extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve separate

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and find how simplifying international payroll payments can transform them from a troublesome job into a strategic asset.

due to various regulations, compliance requirements, data security concerns, and banking rules. The large number of staff members and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.

Standard payroll systems often lead to manual processes, data silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to supply insights and options to simplify and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business invests in global payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the needed several processes 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 challenges organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what does not need to be consisted of ideal and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 consumer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you 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 essential and technology is permitting us to sort of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work closer together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high worth on wellness and the compensation landscape is ending up being progressively complex. Businesses are constantly introducing brand-new advantages and payment alternatives, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly sophisticated period, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely impact employees’ wellness and have far-reaching repercussions. Therefore, it’s critical to focus on precise and timely payments.

The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first Global Payments very first payroll payment solution is a fantastic preliminary action towards providing a thorough payroll solution for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts required for global payroll are essential consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as prepared. Eventually, we do not do it for the appreciation.

anyway we know how how crucial 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 simple as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies choose to primary different savings account there are Papaya Global Re Enrolment services out there doing exactly this for specific countries and I’ve worked in a business or lots of services doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not have 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 quantity that we are I believe numerous factors one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck to what they recognize

with ideal um modification is a difficult thing all of us don’t like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving numerous savings account however there’s a huge quantity of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is substantial however I believe the truthful response is change um individuals haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or two there is a lot to monitor and this approach does posture numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a modification 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 acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Re Enrolment

I discover time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of work or agreement and are told by the customer why it’s optimum generally to the client why you must be utilized or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not contributed to pensions And so on so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are getting insurance versus misclassification but usually premiums are just covering the expense of legal costs whilst the typical claim assessed against employers equates to to 40 or half of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest for the most part I have not seen it at least so uh the the other area 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 protection on the basis of the reality that you were not in compliance with laws um in the UK