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Managing payroll internationally is a complicated task … Papaya Global License…

publicly announced 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 also significant legal expenses there exists’s other charges there’s other expenses behind that too so the total cost can be really significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason business are getting it so wrong is really just the guidelines are complicated and they’re changing all the time think ir-35 in the UK which has actually been a continuous advancement for several years now and and still a lot of unpredictability among business on what it actually indicates and how you deal with it most employers are simply not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a category viewpoint okay 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 Process Date On Papaya Global specifically when it concerns their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the opposite of the coin

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Over the last 5 or six years …Papaya Global License… functions on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind 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 kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on international payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location 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 cash all over the world payroll and payments don’t run smoothly if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be consisted of right and what does

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it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble 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 acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being provided by services across the world so again you’re simply wanting to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact point of view on workers it is absolutely vital 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 harmful result on people’s well-being and many other factors if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only discover when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally as well. For that reason, it is important to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Using the first Worldwide Payments first payroll payment option is an excellent preliminary action towards providing an extensive payroll service for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account essential for global payroll are key consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as prepared. Eventually, we don’t do it for the thankfulness.

anyhow we understand how how important 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 associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely 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 need days of the week to try to look through them and really see what was going on and kind of shot to get back to everybody so proceeding appearance why do business pick to primary separate checking account there are Papaya Global License organizations out there doing exactly this for particular countries and I have actually operated in an organization or lots of organizations doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and any person that’s handling 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 quantity that we are I believe many factors one is it’s the requirement I think people have got so utilized to we require a new savings account we open an entity and appropriately 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 simply been the standard and the standard individuals have adopted 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 type of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires altering however ultimately people are very stuck to what they recognize

with right um modification is a hard thing we all do not like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining multiple savings account however there’s a big amount of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is big but I think the truthful answer is modification um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global License

I discover time and time again the employees often misclassified unconsciously they don’t comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the client why you must be utilized or taken part in this fashion 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 actually passed they have not added to pensions And so on so it’s a huge effect that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification but usually premiums are only covering the expense of legal fees whilst the average claim examined against companies relates to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK