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Managing payroll worldwide is a daunting job … Papaya Global Specs…

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 likewise substantial legal expenses there exists’s other charges there’s other costs behind that too so the overall expense can be extremely substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason business are getting it so wrong is really just the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a lot of unpredictability amongst business on what it really means and how you handle it most companies are merely not aware of 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 viewpoint okay thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the staff member Papaya Global And Cis especially when it comes to their own tax liabilities social security and benefits for instance jury and clearly the employees the other side of the coin

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Over the last 5 or 6 years …Papaya Global Specs… roles on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind 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 extremely really uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they include more intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely extremely standard there’s no genuine consistency framework we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be consisted of best and what does

it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link 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 sort of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split 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 process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more essential to add to type 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 more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly say that the larger an organization 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 really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any service has from an expense perspective from an impact point of view on workers it is absolutely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on people’s wellness and many other elements if individuals aren’t paid uh I’ve always been amazed entering into this Market kind of the last 5 to ten years is how little thanks the

The payroll team might 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 only see when things go wrong. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards offering an extensive payroll solution for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and bank accounts necessary for international payroll are crucial consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Ultimately, we do not do it for the appreciation.

anyhow we understand how how crucial a function it is which’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 involved in those processes and likewise so envision sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean up 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 require days of the week to attempt to browse them and really see what was going on and kind of try to get back to everybody so moving on look why do companies select to primary separate checking account there are Papaya Global Specs companies out there doing precisely this for particular countries and I have actually worked in a company or many services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s dealing with 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 amount that we are I think many factors one is it’s the standard I believe people have actually got so utilized to we need a new checking 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 simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have 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 procedure that needs taking a look at it requires changing however ultimately individuals are really stuck with what they recognize

with ideal um modification is a tough thing all of us do not like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving numerous savings account but there’s a big amount of complexity goes with establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge but I believe the sincere answer is change um people have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually 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 could nearly be determined to be the next Century or two there is a lot to monitor and this technique does present numerous obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Specs

I find time and time again the workers often misclassified unwittingly they do not understand the conditions of work or agreement and are told by the customer why it’s most advantageous primarily to the customer why you should be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions Etc so it’s a big effect that they never ever understood they were walking into you could not 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 coverage against misclassification but usually premiums are only covering the cost of legal costs whilst the typical claim assessed versus 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 require to read 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 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK