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Managing payroll worldwide is a daunting job … Papaya Global Self Service Login…

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 costs there exists’s other penalties there’s other expenses behind that too so the overall expense can be extremely considerable in the 10s of countless dollars or more and and those quantities are growing uh the reason business are getting it so wrong is truly simply the guidelines are complex and they’re changing all the time think ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a great deal of uncertainty among companies on what it actually indicates and how you handle it most companies are simply 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 workers from a classification perspective all right thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what results can this have on the worker Papaya Global Twitter specifically when it pertains to 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 five or 6 years …Papaya Global Self Service Login… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating 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 truly 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 extremely very bleak and I want 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 Worldwide payroll why companies keep different

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely 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 companies properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they include more complexity the international Workforce is currently three 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 factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll model there’s frequently an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very extremely basic there’s no real consistency structure we’re living in an age 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 often with pen and paper which just blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide services have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and state what is it what does not require to be consisted of ideal and what does

it need 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 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 anywhere you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like very 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 believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being offered by businesses throughout the world so again you’re simply seeking to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the bigger 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 in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era 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 tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost viewpoint from an effect point of view on workers it is definitely critical that it’s done correctly 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 greatest damaging result on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually constantly been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not sure anybody 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 workers or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe 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 absolutely essential that all of this things is done correctly so leveraging the first Global Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll solution for your staff members worldwide once again I believe is another substantial um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of services and lowering the number of tools platforms and checking account 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks

anyway we know how how important 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 also so imagine sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so proceeding appearance why do companies pick to main separate savings account there are Papaya Global Self Service Login organizations out there doing precisely this for specific countries and I’ve worked in an organization or numerous companies doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t need to and any person 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 reasons one is it’s the standard I think individuals have actually got so utilized to we need a new savings 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 standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing however ultimately individuals are very stuck to what they recognize

with ideal um change is a tough thing all of us do not like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple checking account but there’s a huge quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is big but I think the truthful answer is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this method does present numerous difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so

I just did you changed 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 International workers you deserve a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Self Service Login

I discover time and time again the workers frequently misclassified unconsciously they don’t understand the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the client why you must be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted 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 gone by they have not added to pensions Etc so it’s a huge impact that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance versus misclassification but generally premiums are only covering the expense of legal fees whilst the typical claim assessed versus employers equates to to 40 or half of the base pay of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do require 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 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 stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK