Managing payroll worldwide is a complicated task … Papaya Global France…

openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also substantial legal expenses there exists’s other charges there’s other expenses behind that too so the overall expense can be extremely significant in the 10s of countless dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is really simply the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing development for numerous years now and and still a lot of unpredictability among companies on what it really suggests and how you deal with it most employers are merely not familiar with the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a category viewpoint alright thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member Transfer Papaya Global Payments To Papaya Globalaccounts specifically when it concerns their own tax liabilities social security and advantages for example jury and undoubtedly the employees the opposite of the coin

How much revenue does the company make? Papaya Global France

Over the last five or 6 years …Papaya Global France… functions on the company side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody 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 sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 very really dreary and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them ends up being a growing number of intricate International organizations are aiming to find Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective numerous companies maintain different bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain separate bank accounts sometimes in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex processes of

making payroll payments properly effectively firmly 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 accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly regulations compliance data security and banking rules then there are the large numbers they include additional complexity the international Workforce is presently 3 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely basic there’s no genuine consistency structure we’re residing in a period 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 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 just 11 of companies state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a good question I constantly throw 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 varying Bank information 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is absolutely critical but everywhere 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 kind 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 fundamental and technology is allowing us to type of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high worth on wellness and the payment landscape is ending up being increasingly elaborate. Companies are continually presenting brand-new benefits and payment choices, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s technically innovative era, there’s no justification for keeping cumbersome procedures. Payroll, the business’s greatest expense, should be processed correctly and on time. Even slight hold-ups can adversely impact employees’ wellness and have significant consequences. Therefore, it’s critical to focus on accurate and prompt payments.

payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll option for your employees worldwide again I believe is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely key to success success of services and lowering the number of tools platforms and savings account they require for their Global 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints 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

anyhow we understand how how crucial 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 simple as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest 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 think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and sort of shot to return to everyone so proceeding look why do companies pick to main separate savings account there are Papaya Global France companies out there doing exactly this for specific countries and I have actually worked in an organization or numerous services doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety 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 passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that needs looking at it needs altering however eventually individuals are extremely stuck to what they’re familiar

with best um change is a hard thing we all do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several savings account however there’s a huge quantity of intricacy opts for establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is big however I believe the truthful response is modification um people have not been able to alter or haven’t had necessarily the knowledge to truly 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 know and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep track of and this technique does posture several challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range 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 feels like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global France

I discover time and time again the workers typically misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the client why it’s optimum generally to the customer why you should be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted and numerous 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 big impact that they never ever knew they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are getting insurance coverage versus misclassification however normally premiums are only covering the cost of legal costs whilst the typical claim assessed versus companies corresponds to to 40 or half of the base pay of worker exists any point in getting 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 charge and interest for the most part I have not 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 stating 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

Managing payroll internationally is a challenging job … Papaya Global France…

openly announced 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’s there’s other penalties there’s other expenses behind that also so the overall expense can be very significant in the 10s of countless dollars or more and and those quantities are growing uh the reason why business are getting it so wrong is actually simply the rules are complicated and they’re altering all the time believe ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a lot of unpredictability among business on what it really 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 all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category viewpoint alright thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what results can this have on the staff member Difference Between Quickbooks Payroll And Papaya Global specifically when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the workers the other side of the coin

How much revenue does the company make? Papaya Global France

Over the last five or six years …Papaya Global France… functions on the provider side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everyone 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 intriguing 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 everybody originates from and I really do hope it’s much sunnier than it is 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 extremely really gloomy 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 looking at the obstacle years of managing Global payroll why business maintain separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them becomes more and more complex Global organizations are wanting to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment standpoint many companies maintain different savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different bank accounts often in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex processes of

Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to enhance working capital, and discover how improving international payroll payments can change them from a challenging task into a strategic asset.

due to various policies, compliance requirements, data security concerns, and banking rules. The large number of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.

Standard payroll systems often result in manual procedures, data silos, and a lack of combination, causing inconsistencies and inefficiencies. Regardless of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to provide insights and options to streamline and optimize global payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average cost of a global 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 rely 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 requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does

it require to be considered there’s varying 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to sort of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 often 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 individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so again you’re simply seeking to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough 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 definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense perspective from an effect point of view on staff members it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful result on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually always been impressed entering this Market sort of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally too. For that reason, it is necessary to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is a fantastic initial action towards supplying a detailed payroll service for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account essential for worldwide payroll are crucial factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.

anyhow we know how how essential a role 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 also so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to get back to everyone so moving on look why do companies select to main different checking account there are Papaya Global France organizations out there doing exactly this for specific nations and I’ve operated in an organization or many companies doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing however ultimately individuals are really stuck to what they’re familiar

with ideal um modification is a hard thing all of us do not like change um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping multiple bank accounts but there’s a big quantity of intricacy chooses setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is huge however I think the sincere answer is modification um people haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep track of and this approach does position several challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global France

I discover time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of work or contract and are informed by the client why it’s most advantageous primarily to the client why you need to be used or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 gone by they have not contributed to pensions Etc so it’s a huge impact that they never ever knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are securing insurance against misclassification however usually premiums are just covering the cost of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or half of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other area 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 pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK