Handling payroll globally is a difficult job … Does Papaya Global Payroll Pay Taxes…

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’s there’s other penalties there’s other costs behind that too so the overall cost can be very substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is truly simply the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a lot of uncertainty amongst business on what it actually suggests and how you deal with it most companies are merely 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 really 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 company that suffers in the long run what results can this have on the worker Papaya Global 28 especially when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the workers the other side of the coin

How much revenue does the company make? Does Papaya Global Payroll Pay Taxes

Over the last 5 or six years …Does Papaya Global Payroll Pay Taxes… functions on the supplier side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them ends up being increasingly more complicated International companies are seeking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment perspective lots of companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve different bank accounts sometimes in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies enhance the episode complex processes of

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include more complexity the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 conventional payroll model there’s often a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely very basic there’s no genuine consistency structure we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in global payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors badly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be included right and what does

it need to be considered there’s varying 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 innovation is permitting us to kind of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m always impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more important to contribute to sort of the level of intricacy there’s more and more advantages being organ or being offered by companies throughout the world so again you’re just wanting to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information 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 need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era 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 difficult as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense viewpoint from an impact perspective on workers it is definitely 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 greatest damaging impact on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been impressed entering this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but 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 likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a fantastic initial step um offering an end-to-end payroll solution for your workers worldwide again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of companies and lowering the number of tools platforms and checking account they require for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied 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 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 everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you notes 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 up all those up for sure oh absolutely 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 check out them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do business pick to primary separate bank accounts there are Does Papaya Global Payroll Pay Taxes companies out there doing precisely this for particular nations and I have actually worked in an organization or lots of companies doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you need 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 norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering but eventually individuals are really stuck with what they’re familiar

with ideal um modification is a tough thing we all do not like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several checking account but there’s a huge quantity of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is big but I believe the truthful response is modification um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century approximately there is a lot to track and this technique does present several difficulties 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 modification 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 actually gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Does Papaya Global Payroll Pay Taxes

I discover time and time again the employees typically misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the client why it’s optimum mainly to the customer why you should 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 worker can be impacted 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 added to pensions Etc so it’s a huge impact that they never ever knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance against misclassification but usually premiums are only covering the expense of legal fees whilst the average claim evaluated against companies corresponds to to 40 or 50 percent of the base salary of worker exists any point in taking out 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 charge and interest most of the times I have not seen it at least so uh the the other location that I do think if you managed to get the coverage 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

Managing payroll worldwide is a challenging task … Does Papaya Global Payroll Pay Taxes…

How much revenue does the company make? Does Papaya Global Payroll Pay Taxes

Over the last 5 or 6 years …Does Papaya Global Payroll Pay Taxes… roles on the service provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation 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 or two 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 intriguing and I can see it going on currently simply to hear where everyone 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 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 very really uninspiring and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve separate

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and timely payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to optimize working capital, and discover how enhancing international payroll payments can change them from a burdensome task into a strategic property.

due to numerous policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and companies adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems often lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. In spite of residing in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to offer insights and options to simplify and optimize worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see an absence of presence also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global 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 errors are because of time reporting poor HCM information information entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included ideal 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 timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely important however all over you look with payroll payment they are like extremely payments no if however some babies 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 recognition that payroll payments are definitely basic and technology is permitting us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer 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 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

The modern world puts a high value on wellness and the compensation landscape is becoming progressively elaborate. Businesses are continually introducing brand-new advantages and payment options, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technically advanced era, there’s no validation for keeping cumbersome procedures. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even small hold-ups can negatively affect workers’ wellness and have significant repercussions. For that reason, it’s vital to prioritize precise and prompt payments.

payroll group get um so I’m unsure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise 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 crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a great primary step um offering an end-to-end payroll option for your staff members worldwide once again I think is another huge um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and savings account they need 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks

anyhow 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 processes and likewise so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and kind of shot to return to everybody so proceeding appearance why do companies select to main separate bank accounts there are Does Papaya Global Payroll Pay Taxes organizations out there doing precisely this for specific countries and I’ve operated in a service or lots of companies doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anybody 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 believe lots of factors one is it’s the standard I think individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need 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 standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it needs changing however eventually individuals are very stuck with what they recognize

with ideal um modification is a tough thing we all do not like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving numerous savings account but there’s a big quantity of complexity goes with setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge however I think the truthful response is modification um individuals have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep an eye on and this method does posture numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I simply did you switched 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 staff members you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll Pay Taxes

I discover time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of work or agreement and are informed by the customer why it’s optimum generally to the client why you must be used or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted and numerous 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 And so on so it’s a huge impact that they never ever 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 10 years um Kathy business are taking out insurance coverage versus misclassification but generally premiums are only covering the expense of legal fees whilst the typical claim examined against employers relates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the small 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 location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK