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Handling payroll internationally is an overwhelming job … Learn Papaya Global At Home…

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 also significant legal costs there exists’s other penalties there’s other costs behind that too so the total expense can be very significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is actually simply the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has been an ongoing advancement for several years now and and still a lot of uncertainty among companies on what it actually indicates and how you deal with it most employers are simply not familiar with the rules and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a classification perspective all right thank you Stephen and returning 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 Outsourcing Uk especially when it pertains to their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the other side of the coin

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Over the last 5 or 6 years …Learn Papaya Global At Home… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a recap and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them becomes increasingly more intricate Global organizations are seeking to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective many organizations maintain separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep different bank accounts often in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex procedures of

making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include more complexity the worldwide Workforce is presently three and a half billion individuals 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s typically a frustrating number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely really basic there’s no genuine consistency structure we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global organizations have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide 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 efficiently if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be included ideal and what does

it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if but some infants 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by services throughout the world so once again you’re just wanting to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or real difficult type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing 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 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 require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an effect perspective on workers it is definitely vital 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 most significant detrimental impact on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been surprised entering this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m not sure 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 workers or not um but eventually payroll is such an important cycle we all find out about it when it fails everyone 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll option for your employees internationally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and decreasing the number of tools platforms and savings account they require for their Worldwide 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’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely 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 try to browse them and in fact see what was going on and sort of try to get back to everyone so moving on look why do business choose to main different checking account there are Learn Papaya Global At Home services out there doing exactly this for particular nations and I’ve operated in a service or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s handling that process 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 factors one is it’s the standard I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires altering however ultimately people are very stuck with what they’re familiar

with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving several checking account however there’s a huge quantity of complexity opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge but I believe the truthful response is modification um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I simply did you switched our Enterprise 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 International staff members you are worthy of a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Learn Papaya Global At Home

I find time and time again the workers typically misclassified unconsciously they don’t understand the conditions of work or contract and are told by the client why it’s most advantageous primarily to the customer why you should be utilized or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not contributed to pensions And so on so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance against misclassification however generally premiums are only covering the cost of legal costs whilst the average claim evaluated against employers relates to to 40 or half of the base salary of worker is there any point in getting insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other area 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 stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK