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Handling payroll worldwide is a difficult task … Papaya Global 50 Payslips…

openly 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 likewise significant legal costs there’s there’s other charges there’s other costs behind that too so the total cost can be really substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is actually just the guidelines are complex and they’re changing all the time think ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a lot of unpredictability amongst companies on what it really implies and how you handle it most employers are just not aware of the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a classification viewpoint alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the worker Papaya Global Support Email especially when it pertains to their own tax liabilities social security and advantages for example jury and clearly the workers the other side of the coin

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Over the last five or 6 years …Papaya Global 50 Payslips… roles on the company side and also on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us 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 just to hear where everyone is um it’s nice to to kind of like see where everybody 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 extremely extremely dreary 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 taking a look at the challenge years of handling International payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and handling them becomes increasingly more complicated Worldwide organizations are aiming to find Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment perspective numerous companies preserve separate savings account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain different checking account often in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business streamline the episode complex processes of

Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can transform them from a difficult job into a strategic asset.

due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and companies contributes to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Standard payroll systems often lead to manual procedures, information silos, and a lack of integration, resulting in disparities and inadequacies. Despite residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and options to simplify and enhance worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location 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 worldwide payroll and payments don’t run smoothly if they count on the needed multiple 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 company face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be included right and what does

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it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link 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 technology is permitting us to sort of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 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 wherever they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by organizations across the world so again you’re just aiming to include a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years 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 in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an effect point of view on workers it is absolutely important that it’s done properly and on time so what we indicate 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 detrimental result on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails 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 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 International Payments very first payroll payment option is a great initial step um providing an end-to-end payroll option for your employees internationally once again I think is another big um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and checking account they need for their Global 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 ever had a hundred thousand of them within a payroll cycle do not expect 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 believe any of us are actually doing that for for the thanks

anyway we understand how how crucial a function it is which’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 also so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up 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 need days of the week to try to check out them and in fact see what was going on and sort of try to return to everyone so carrying on appearance why do companies select to primary separate savings account there are Papaya Global 50 Payslips services out there doing exactly this for specific countries and I’ve operated in a company or many services doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we do not need to and anyone that’s handling that procedure 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 numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require 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 requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires changing however ultimately individuals are extremely stuck with what they recognize

with ideal um change is a hard thing we all do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple savings account but there’s a huge quantity of intricacy chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is substantial but I think the honest answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this method does posture a number of obstacles um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so

I simply did you changed 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 Worldwide staff members you deserve a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 50 Payslips

I discover time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum generally to the customer why you need to be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions And so on so it’s a big impact that they never ever knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance coverage versus misclassification but generally premiums are only covering the expense of legal charges whilst the typical claim examined versus companies equates to to 40 or 50 percent of the base pay of worker exists any point in taking out insurance coverage 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 penalty and interest most of the times I haven’t 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 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