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Handling payroll worldwide is an overwhelming task … Papaya Global In Cloud…

openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s likewise substantial legal costs there’s there’s other penalties there’s other expenses behind that as well so the overall expense can be really significant in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is actually just the rules are intricate and they’re changing all the time think ir-35 in the UK which has actually been a continuous development for numerous years now and and still a lot of unpredictability amongst business on what it truly means and how you deal with it most companies are just not aware of the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a classification perspective alright thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the staff member Papaya Global Error Code especially when it comes to their own tax liabilities social security and advantages for example jury and certainly the workers the other side of the coin

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Over the last five or 6 years …Papaya Global In Cloud… roles on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really uninspiring and I wish I was elsewhere at this moment in time alright so let’s start 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 preserve separate

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 around the world in the traditional payroll model there’s frequently an overwhelming variety of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely fundamental there’s no real consistency structure we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service spends on global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require to be included best and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 absolutely fundamental and innovation is enabling us to sort of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more crucial to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re simply looking to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real difficult kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing 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 require to create additional handoffs at the same times that we operate 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 a period of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost viewpoint from an impact viewpoint on workers it is definitely vital 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 need to be done right it has the most significant destructive effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to ten years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first Global Payments first payroll payment solution is an excellent preliminary action towards providing a thorough payroll service for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and savings account necessary for international payroll are crucial factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as planned. Eventually, we don’t do it for the appreciation.

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 everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everyone so moving on look why do companies pick to main separate checking account there are Papaya Global In Cloud services out there doing precisely this for particular countries and I’ve operated in a service or numerous services doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and anybody that’s managing that process 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 think lots of reasons one is it’s the standard I believe individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing but ultimately individuals are extremely stuck with what they’re familiar

with right um modification is a hard thing all of us don’t like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping multiple checking account but there’s a substantial amount of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is substantial however I believe the honest answer is change um people haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global In Cloud

I discover time and time again the employees typically misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the client why it’s most advantageous mainly to the customer why you should be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions And so on so it’s a big effect that they never knew 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 companies are securing insurance against misclassification but typically premiums are just covering the expense of legal fees whilst the average claim assessed against companies corresponds to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance coverage 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 in many cases I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK