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Handling payroll globally is a difficult job … Papaya Global End Of Year 2020…

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 significant legal expenses there’s there’s other charges there’s other costs behind that also so the overall expense can be extremely considerable in the tens of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is truly 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 several years now and and still a lot of uncertainty amongst business on what it actually suggests and how you deal with it most employers are simply not knowledgeable about the guidelines 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 workers from a classification point of view alright thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the worker Papaya Global Fps And Eps particularly when it pertains to their own tax liabilities social security and benefits for example jury and obviously the workers the other side of the coin

How much revenue does the company make? Papaya Global End Of Year 2020

Over the last five or six years …Papaya Global End Of Year 2020… roles on the provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 everyone originates from and I truly do hope it’s much sunnier than it is 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 really extremely 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 taking a look at the challenge years of handling International payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and handling them becomes more and more complicated International companies are aiming to find Solutions and 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 several accounts in different nations does it make good sense for business to keep different checking account often in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex processes of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance data security and banking rules then there are the large numbers they add more intricacy the global 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 individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on global payroll the less of an image they see a lack of presence also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the necessary several procedures 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 obstacles service face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included ideal and what does

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 country 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 have to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely crucial however everywhere 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 take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m constantly impressed 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 split 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being used by companies across the world so again you’re simply wanting to include increasingly more payments to this already complicated 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 difficulties or real difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age 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 challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from an expense point of view from an impact viewpoint on employees 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 harmful impact on people’s well-being and many other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not sure anybody on this type of webinar has actually 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 workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong 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 likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll option for your workers globally once again I believe is another huge um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of services and minimizing the number of tools platforms and bank accounts 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyway we understand how how essential 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 involved in those processes and also so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and type of try to get back to everyone so carrying on look why do business pick to main different savings account there are Papaya Global End Of Year 2020 companies out there doing precisely this for particular countries and I’ve worked in a company or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and anybody that’s managing 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 lots of reasons one is it’s the standard I think individuals have actually got so utilized to we require a new checking account we open an entity and rightly 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 just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that requires looking at it requires altering but ultimately individuals are extremely stuck with what they’re familiar

with best um change is a hard thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining multiple bank accounts however there’s a huge quantity of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial however I think the sincere response is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this technique does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global End Of Year 2020

I discover time and time again the workers typically misclassified unknowingly they don’t understand the conditions of work or contract and are informed by the client why it’s most advantageous generally to the customer why you need to be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker 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 gone by they have not contributed to pensions Etc so it’s a huge impact that they never ever knew 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 getting insurance versus misclassification however typically premiums are only covering the expense of legal fees whilst the typical claim evaluated against employers relates to to 40 or 50 percent of the base salary of worker exists any point in securing insurance 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 most of the times I haven’t seen it at least so uh the the other location that I do believe if you managed to get the protection what we are stating 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