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Managing payroll globally is a difficult task … Papaya Global Webinar…

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 also considerable legal expenses there exists’s other penalties there’s other costs behind that also so the overall expense can be very considerable in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is really simply the rules are complicated and they’re changing all the time think ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a lot of uncertainty amongst business on what it actually suggests and how you handle it most companies are just not familiar with the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a classification point of view alright 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 staff member Papaya Global Egypt specifically when it concerns their own tax liabilities social security and advantages for example jury and undoubtedly the employees the opposite of the coin

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Over the last five or six years …Papaya Global Webinar… functions on the supplier 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 quite for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 everyone originates 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 very extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very very fundamental there’s no genuine consistency structure we’re residing in a period 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 frequently with pen and paper and that just blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations 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 bad HCM information data entry errors badly communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed numerous processes 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 difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t require to be included right and what does

it require to be thought about there’s varying Bank information 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 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 intricacy wherever you look right ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in 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 enabling us to sort of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I’m always surprised when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so once again you’re just aiming to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an effect viewpoint on employees it is absolutely critical that it’s done properly and on time so what we mean 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 well-being and many other aspects if individuals aren’t paid uh I’ve constantly been impressed entering this Market sort of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for correctly 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 a crucial cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. For that reason, it is necessary to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the very first International Payments first payroll payment service is a terrific initial step towards offering a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account essential for worldwide payroll are crucial consider attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the appreciation.

anyhow we understand 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na state 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 talking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of shot to return to everybody so moving on appearance why do business choose to primary separate savings account there are Papaya Global Webinar companies out there doing precisely this for specific nations and I’ve worked in an organization or lots of services doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the requirement I think individuals have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but eventually people are very stuck to what they recognize

with ideal um modification is a hard thing we all do not like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving several savings account however there’s a substantial amount of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge however I think the sincere answer is change um individuals haven’t been able to alter or have not had always the knowledge to really 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 alter 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 proceeding and moving into you know what could practically be identified to be the next Century approximately there is a lot to monitor and this method does pose a number of obstacles um so Johnny could 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 tasks on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Webinar

I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the customer why it’s optimum generally to the client why you must be used or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee 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 passed they haven’t added to pensions Etc so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are securing insurance coverage against misclassification but normally premiums are only covering the cost of legal costs whilst the typical claim examined against employers relates to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance coverage 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 penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK