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Managing payroll globally is a difficult task … Papaya Global Br Tax Code…

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Over the last 5 or 6 years …Papaya Global Br Tax Code… roles on the provider side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join we all 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 everyone is um it’s nice to to kind of like see where everyone originates 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 drizzling here it’s very really dreary and I wish I was elsewhere at this moment in time fine 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 business keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also review a recap and that needs to 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 labor forces become more and more common and managing them ends up being more and more intricate International companies are seeking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment viewpoint numerous companies keep different checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to keep separate savings account often in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies improve the episode complex processes of

Ensuring accurate, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a burdensome job into a tactical property.

due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems typically lead to manual procedures, information silos, and an absence of integration, leading to disparities and inadequacies. Despite living in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and solutions to streamline and optimize international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t need to be included ideal and what does

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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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of move on with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 procedure it’s the point of information 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 well-being being more and more important to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by companies across the world so once again you’re just seeking to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging 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 absolutely important that it’s done correctly 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 greatest detrimental impact on people’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this type of webinar has actually 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 workers or not um however ultimately payroll is such an essential 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 simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your staff members globally once again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and decreasing the variety of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks

anyhow we know 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 simple as possible for everybody that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture 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 however it would certainly be an intriguing job trying to clean all those up for sure oh definitely 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 really see what was going on and kind of try to return to everybody so proceeding appearance why do companies pick to primary different savings account there are Papaya Global Br Tax Code businesses out there doing precisely this for specific countries and I have actually operated in a service or many companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t need 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 quantity that we are I think numerous factors one is it’s the standard I believe people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it needs altering however eventually individuals are very stuck with what they recognize

with best um modification is a hard thing all of us do not like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple bank accounts however there’s a big quantity of intricacy opts for setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is big but I believe the honest answer is modification um people haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this technique does posture numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Br Tax Code

I find time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of work or contract and are told by the customer why it’s most advantageous generally to the client why you must be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t contributed to pensions And so on so it’s a huge impact that they never ever understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification but generally premiums are just covering the cost of legal charges whilst the average claim assessed versus companies relates to to 40 or half of the base pay of worker is there 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 most of the times I have not seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK