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Handling payroll internationally is a daunting task … Papaya Global Paypal…

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 revealed settlements there’s also substantial legal costs there exists’s other penalties there’s other expenses behind that as well so the overall cost can be very substantial in the tens of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so incorrect is really just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a lot of uncertainty amongst companies on what it actually implies and how you handle it most companies are just not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a category perspective alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the worker Free Papaya Global 2013 Software Download particularly when it comes to their own tax liabilities social security and benefits for example jury and obviously the workers the other side of the coin

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Over the last 5 or 6 years …Papaya Global Paypal… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 really dreary and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll likewise review a recap which must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and handling them ends up being more and more complicated International organizations are seeking to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment viewpoint many organizations preserve separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to keep different bank accounts in some cases in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex procedures of

making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they add more complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 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 conventional payroll design there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very extremely basic there’s no real consistency structure we’re residing in an era of tech but payroll has actually been sluggish 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 each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of global services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included right and what does

it require to be thought of there’s varying 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 abilities 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 anywhere you look best eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely basic and innovation is permitting us to type of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work closer together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody 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 an industry 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 information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re simply looking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real tough sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know 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 don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect point of view on staff members it is definitely 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 destructive impact on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been astonished coming into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all hear 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the first International Payments first payroll payment service is a great first step um providing an end-to-end payroll option for your employees internationally again I think is another substantial um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not 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 essential 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na state envision the quantity 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 numerous thousands potentially Millions imagine getting that many 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 attempting to clean up all those up for sure oh definitely I can’t think of 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 actually see what was going on and kind of try to return to everyone so moving on look why do business pick to primary separate checking account there are Papaya Global Paypal companies out there doing exactly this for particular countries and I’ve worked in a business or numerous businesses doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not 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 amount that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted 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 many other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs changing however ultimately people are very stuck to what they’re familiar

with best um modification is a hard thing we all do not like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple bank accounts however there’s a big amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge but I think the sincere answer is change um individuals haven’t been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank 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 constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to monitor and this technique does present numerous challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so

I just 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 seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Paypal

I find time and time again the workers frequently misclassified unknowingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you must be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee 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 actually gone by they haven’t contributed to pensions Etc so it’s a big effect that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are securing insurance versus misclassification but normally premiums are just covering the cost of legal fees whilst the average claim assessed versus employers equates to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many cases 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 saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK