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Managing payroll internationally is a daunting job … Papaya Global Reports Folder…

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 announced settlements there’s also substantial legal expenses there exists’s other penalties there’s other expenses behind that as well so the total cost can be very substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so incorrect is really just the rules are complicated and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of uncertainty among companies on what it really implies and how you deal with it most employers are simply not familiar with the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a classification viewpoint fine thank you Stephen and returning 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 Rwanda particularly when it comes to their own tax liabilities social security and advantages for example jury and obviously the workers the opposite of the coin

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Over the last five or 6 years …Papaya Global Reports Folder… functions on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing 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 everyone 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 drizzling here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time alright so let’s begin 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 companies preserve separate

Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

Making sure precise, effective, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a challenging job into a tactical possession.

due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and services contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems frequently result in manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of residing in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and services to streamline and optimize international payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with 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 an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the essential several 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 obstacles business face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of ideal and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 basic and innovation is enabling us to sort of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 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 people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more important to add to type of the level of complexity there’s increasingly more benefits being organ or being offered by companies throughout the world so once again you’re simply wanting to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger an organization 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 information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any service has from a cost perspective from an impact point of view on employees it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging impact on people’s well-being and lots of other factors if people aren’t paid uh I’ve constantly been surprised entering this Market sort of the last 5 to 10 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 great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only observe when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. Therefore, it is essential to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment option is a terrific preliminary step towards supplying a comprehensive payroll solution for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account required for global payroll are crucial factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as prepared. Ultimately, we don’t do it for the appreciation.

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 associated with those procedures and also so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely 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 actually see what was going on and type of try to get back to everybody so carrying on look why do companies choose to primary separate checking account there are Papaya Global Reports Folder services out there doing exactly this for specific countries and I have actually worked in a company or lots of services doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and any person that’s dealing with that process 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 many reasons one is it’s the requirement I think individuals have got so utilized to we require a new checking 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 believe 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 looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately people are extremely stuck with what they’re familiar

with best um change is a tough thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping several savings account but there’s a substantial quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is substantial but I think the truthful response is modification um individuals have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century approximately there is a lot to keep an eye on and this method does pose numerous challenges um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I just recently made a modification to our Enterprise 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 acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Reports Folder

I find time and time again the employees often misclassified unknowingly they do not comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the customer why you need to be employed or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions Etc so it’s a big effect that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance against misclassification but normally premiums are just covering the expense of legal charges whilst the average claim examined against companies relates to to 40 or half of the base salary of worker is there any point in securing insurance and what is the alternative yeah to your point um you do require to check out the fine 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 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 coverage on the basis of the truth that you were not in compliance with laws um in the UK