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Handling payroll internationally is a challenging task … Papaya Global Basics…

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 likewise considerable legal expenses there exists’s other penalties there’s other costs behind that as well so the overall cost can be very considerable 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 really simply the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has been an ongoing development for several years now and and still a great deal of uncertainty amongst business on what it actually indicates and how you handle it most employers are just not knowledgeable about the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a classification perspective alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what results can this have on the staff member Papaya Global Courses Cost specifically when it concerns their own tax liabilities social security and benefits for example jury and undoubtedly the employees the other side of the coin

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Over the last 5 or 6 years …Papaya Global Basics… functions on the provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually 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 drizzling here it’s extremely very bleak and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business preserve different

Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s often a frustrating number of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really fundamental there’s no real consistency framework we’re living 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 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 only 11 of businesses say they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated 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 wrong 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 around the globe payroll and payments don’t run efficiently if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included best and what does

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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 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 consumer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they resemble incredibly payments no if but some infants 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 acknowledgment that payroll payments are definitely fundamental and technology is allowing us to type of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by businesses across the world so once again you’re simply seeking to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or genuine challenging 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 certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost point of view from an impact viewpoint on staff members it is definitely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the first Global Payments first payroll payment solution is a great initial action towards providing a thorough payroll option for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and checking account required for international payroll are key factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.

anyway we understand how how important 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of shot to return to everyone so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Basics services out there doing exactly this for particular countries and I’ve worked in a service or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering but ultimately people are really stuck with what they’re familiar

with ideal um modification is a tough thing all of us don’t like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving multiple checking account however there’s a substantial amount of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is substantial however I think the sincere answer is modification um people have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to track and this approach does posture several challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I just recently made a change to our Enterprise 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 actually gotten another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Basics

I find time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of work or agreement and are informed by the customer why it’s most advantageous generally to the customer why you ought to be employed or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and a number of 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 have not contributed to pensions And so on so it’s a huge impact that they never understood they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance against misclassification however normally premiums are just covering the cost of legal costs whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of worker is there any point in getting 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 charge and interest in most cases I haven’t seen it at least so uh the the other location 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 denied protection on the basis of the truth that you were not in compliance with laws um in the UK