Handling payroll internationally is a difficult task … Papaya Global Saudi Arabia…

How much revenue does the company make? Papaya Global Saudi Arabia

Over the last 5 or six years …Papaya Global Saudi Arabia… functions on the supplier side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give 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 rather intriguing 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 really 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 drizzling here it’s really really bleak and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also go over a recap which needs to leave his time at the really really 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 labor forces become more and more common and handling them ends up being more and more complex Worldwide organizations are aiming to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment standpoint lots of companies keep separate savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep separate bank accounts sometimes in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex processes of

Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a challenging job into a tactical property.

due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems often lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and options to simplify and optimize global payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on global payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they count on the necessary several processes 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 company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be consisted of best 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 nation there’s payment timespan 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 any place you look best eventually developing a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re simply wanting to add more and more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine challenging type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact perspective on workers it is absolutely important 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 most significant detrimental effect on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to 10 years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a fantastic preliminary action towards providing a comprehensive payroll option for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account essential for global payroll are key factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don’t go as planned. Eventually, we do not 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 simple as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na state envision 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 numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to return to everyone so moving on appearance why do companies choose to primary different bank accounts there are Papaya Global Saudi Arabia companies out there doing precisely this for particular countries and I have actually worked in a company or many services doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not have to and any person that’s dealing with 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 amount that we are I think many factors one is it’s the standard I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires changing but ultimately people are extremely stuck with what they’re familiar

with ideal um modification is a challenging thing all of us do not like modification 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 understand certainly the advantages of having preserving multiple savings account however there’s a substantial amount of intricacy goes with establishing a checking account keeping 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 believe the sincere answer is change um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose several challenges um so Johnny could you tell us about those difficulties yeah obviously 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 seems like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Saudi Arabia

I discover time and time again the employees typically misclassified unknowingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s optimum mainly to the customer why you must be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions Etc so it’s a huge effect that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance coverage versus misclassification however usually premiums are just covering the expense of legal charges whilst the typical claim assessed against companies relates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage 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 have not seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK

Managing payroll worldwide is a complicated job … Papaya Global Saudi Arabia…

publicly announced 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 substantial legal expenses there’s there’s other charges there’s other costs 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 companies are getting it so wrong is actually simply the rules are intricate and they’re changing all the time think ir-35 in the UK which has actually been an ongoing development for several years now and and still a great deal of unpredictability among business on what it truly means and how you deal with 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 encourage you to to be extremely proactive as you’re engaging uh employees from a category perspective alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the staff member How To Update Pension Changes For 2018 On Papaya Global especially when it comes to their own tax liabilities social security and benefits for instance jury and undoubtedly the employees the opposite of the coin

How much revenue does the company make? Papaya Global Saudi Arabia

Over the last 5 or six years …Papaya Global Saudi Arabia… functions 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 very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that should leave his time at the really really 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 workforces end up being a growing number of common and managing them ends up being a growing number of complex Global organizations are wanting to find Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have several accounts in different nations does it make good sense for companies to preserve different bank accounts sometimes in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business improve the episode complex processes of

Making sure precise, efficient, and timely payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll costs to enhance working capital, and find how enhancing global payroll payments can change them from a difficult task into a tactical possession.

due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to provide insights and services to streamline and optimize global payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business spends on international payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide services have revealed 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 because of time reporting bad HCM information data entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to sort of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 process 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 wellness being increasingly more crucial to add to sort of the level of complexity there’s more and more advantages being organ or being provided by businesses across the world so again you’re just wanting to add increasingly more payments to this currently complicated 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 genuine challenges or real difficult kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate in they just 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 a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any business has from a cost point of view from an effect perspective on employees it is absolutely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been surprised entering this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll service for your employees internationally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyway we understand how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however 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 held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of shot to get back to everybody so carrying on look why do companies pick to primary different savings account there are Papaya Global Saudi Arabia companies out there doing exactly this for specific countries and I have actually operated in a service or lots of companies doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I think people have actually got so utilized 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 number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing but eventually people are really stuck to what they recognize

with ideal um change is a challenging thing we all don’t like change um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping multiple bank accounts however there’s a substantial amount of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is big however I think the sincere answer is modification um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to monitor and this technique does pose several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Saudi Arabia

I find time and time again the workers typically misclassified unknowingly they don’t comprehend the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you must be utilized or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions And so on so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance against misclassification however normally premiums are just covering the expense of legal charges whilst the typical claim assessed versus companies corresponds to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in many 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 reality that you were not in compliance with laws um in the UK