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Managing payroll globally is a complicated job … Papaya Global Run Eps…

openly 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 significant legal costs there’s there’s other charges there’s other expenses behind that too so the total expense can be extremely significant in the tens of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is truly just the rules are intricate and they’re altering all the time believe ir-35 in the UK which has actually been a continuous development for a number of years now and and still a great deal of uncertainty amongst business on what it truly implies and how you handle it most employers are simply not familiar with the rules and and act as if the the guidelines 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 point of view all right thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what results can this have on the worker Papaya Global Revenue specifically when it concerns their own tax liabilities social security and advantages for instance jury and clearly the employees the other side of the coin

How much revenue does the company make? Papaya Global Run Eps

Over the last five or six years …Papaya Global Run Eps… roles on the supplier side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently 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 definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep separate

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or extremely really standard there’s no real consistency structure we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have expressed 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 information data entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is delivered to the wrong location the average cost of a worldwide information 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 essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t need to be included best and what does

it need 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 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 anywhere you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 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 however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re simply wanting to add increasingly more payments to this currently complex landscape so if you sort 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 genuine challenges or real tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require 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 need to be in in an age 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 requires to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense perspective from an effect point of view on staff members 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 biggest damaging effect on individuals’s wellness and lots of other aspects if people aren’t paid uh I have actually always been surprised entering this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort 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 staff members or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is a terrific first step um supplying an end-to-end payroll option for your staff members globally again I think is another huge um process again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and savings account they require 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 have actually never had a hundred thousand of 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 complaints where things have not gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyhow 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 simple as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might 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 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 interesting job attempting 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 require days of the week to try to look through them and actually see what was going on and sort of try to get back to everyone so carrying on look why do companies select to main different bank accounts there are Papaya Global Run Eps services out there doing exactly this for particular nations and I’ve worked in a business or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anyone that’s managing that process 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 think numerous reasons one is it’s the standard I think people have actually got so used to we require a new checking 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 believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs altering however eventually individuals are very stuck to what they’re familiar

with best um modification is a hard thing we all don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple bank accounts however there’s a huge quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the sincere response is change um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Run Eps

I discover time and time again the employees often misclassified unconsciously they don’t understand the conditions of work or contract and are informed by the client why it’s most advantageous generally to the customer why you must be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and several times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions And so on so it’s a huge effect 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 10 years um Kathy companies are getting insurance coverage versus misclassification however usually premiums are only covering the expense of legal costs whilst the typical claim examined versus employers corresponds to to 40 or half of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of 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 truth that you were not in compliance with laws um in the UK