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Handling payroll globally is a complicated job … How To Install Papaya Global…

openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also substantial legal costs there exists’s other penalties there’s other costs behind that also so the total cost can be really significant in the 10s of countless dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is actually just 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 a number of years now and and still a great deal of uncertainty amongst business on what it really suggests and how you deal with it most companies are simply not familiar with the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a classification viewpoint all right thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the worker Papaya Global Payroll Onboarding particularly when it pertains to their own tax liabilities social security and benefits for example jury and undoubtedly the workers the other side of the coin

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Over the last five or six years …How To Install Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join we all 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 already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 really very gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain separate

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate 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 guidelines compliance data security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming number of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely extremely standard there’s no real consistency framework we’re living in an era 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 often with pen and paper which just blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the needed several 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 challenges service face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be included ideal and what does

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it require to be thought of 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 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 any place you look right ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m always impressed when people 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 split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more important to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by companies throughout the world so once again you’re just looking to add increasingly more payments to this currently intricate landscape so if you sort 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 genuine obstacles or genuine challenging sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on workers it is definitely important that it’s done correctly 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 destructive impact on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m unsure anyone on this kind of webinar has been informed 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 ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your workers worldwide again I think is another big um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they need for their Worldwide 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks

anyway we understand 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task 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 need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business pick to primary different checking account there are How To Install Papaya Global businesses out there doing precisely this for particular nations and I’ve worked in a business or numerous businesses doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and any person 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 believe lots of factors one is it’s the standard I think 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 however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs changing but eventually individuals are really stuck with what they recognize

with best um change is a difficult thing we all do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple savings account but there’s a substantial quantity of complexity opts for establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is huge but I think the truthful answer is change um individuals have not been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is knowledge 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 looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to track and this method does position several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. How To Install Papaya Global

I find time and time again the employees often misclassified unconsciously they do not understand the conditions of work or agreement and are told by the customer why it’s optimum mainly to the customer why you ought to be used or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare 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 far too late years have actually gone by they haven’t added to pensions Etc so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification but normally premiums are only covering the expense of legal charges whilst the typical claim examined versus companies equates to to 40 or half of the base salary of worker exists any point in securing 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 penalty and interest in many cases 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 saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK