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Managing payroll worldwide is a complicated job … Papaya Global Supply…

openly announced 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 significant legal costs there’s there’s other penalties there’s other expenses behind that as well so the total cost can be really considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is really simply the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has been a continuous advancement for several years now and and still a great deal of unpredictability amongst business on what it actually indicates and how you deal with it most companies are just not familiar with the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a category viewpoint fine thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the worker Papaya Intake Per Day particularly when it comes to their own tax liabilities social security and advantages for instance jury and obviously the employees the opposite of the coin

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Over the last 5 or 6 years …Papaya Global Supply… functions on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among 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 quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody 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 raining here it’s very extremely bleak and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate

Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Making sure accurate, effective, and prompt payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and discover how streamlining global payroll payments can change them from a troublesome task into a tactical property.

due to numerous guidelines, compliance requirements, data security issues, and banking guidelines. The large number of employees and companies contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems typically lead to manual procedures, data silos, and a lack of combination, causing inconsistencies and inadequacies. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and options to streamline and optimize global payroll payments.

about it to give 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 gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the required multiple procedures 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 difficulties organization face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be included 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 nation there’s payment time frames 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 wherever you look ideal ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work more detailed 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 does not 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 eventually it’s payroll is an end-to-end procedure it’s the point of information 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

The modern-day world puts a high value on well-being and the settlement landscape is becoming progressively intricate. Services are continuously introducing brand-new advantages and payment alternatives, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically sophisticated period, there’s no justification for keeping troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even minor delays can adversely impact workers’ wellness and have significant consequences. Therefore, it’s crucial to prioritize precise and prompt payments.

payroll group get um so I’m not sure anyone on this type of webinar has been told 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 employees or not um however eventually payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails 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 vital that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your workers internationally once again I think is another big um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually 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 problems where things have not gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we know how how essential 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 everybody that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everybody so carrying on look why do companies choose to primary different checking account there are Papaya Global Supply services out there doing precisely this for particular countries and I’ve operated in a service or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and anyone 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 lots of reasons one is it’s the standard I think individuals have got so utilized to we require 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 believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually 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 believe this is a procedure that needs looking at it needs changing however ultimately individuals are very stuck to what they’re familiar

with right um change is a challenging thing we all do not like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping several bank accounts but there’s a big quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I believe the honest answer is change um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this technique does position a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Supply

I find time and time again the employees typically misclassified unwittingly they do not understand the conditions of work or agreement and are informed by the client why it’s optimum primarily to the client why you should be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted 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 have not added to pensions Etc so it’s a huge effect that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are securing insurance versus misclassification however generally premiums are just covering the expense of legal costs whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance 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 charge and interest most of the times 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 stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK