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Managing payroll worldwide is a difficult task … Papaya Global Palau…

publicly 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 likewise significant legal costs there’s there’s other penalties there’s other costs behind that as well so the total expense can be really substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason business are getting it so incorrect is truly simply the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a lot of uncertainty amongst companies on what it actually means and how you handle it most companies are just not aware of the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a category perspective all right thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what results can this have on the staff member How Long Does Payroll Take To Process Papaya Global specifically when it pertains to their own tax liabilities social security and advantages for instance jury and obviously the workers the opposite of the coin

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Over the last five or 6 years …Papaya Global Palau… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all 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 already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 very extremely dreary and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise go over a recap which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them becomes increasingly more complex International organizations are looking to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment standpoint lots of companies maintain different bank account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate checking account often in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they add additional complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 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 globe in the standard payroll design there’s frequently an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has 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 whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide services have actually expressed that they do not 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 information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the essential numerous procedures systems and partners it is simply 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 an excellent concern I always throw this back and say what is it what does not require to be included right 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 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 complexity anywhere you look ideal eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 innovation is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate 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 typically 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 anywhere 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 essential to contribute to type of the level of complexity there’s a growing number of benefits being organ or being offered by organizations across the world so once again you’re just seeking to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or genuine difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things but 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 need to create extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient 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 difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense perspective from an effect perspective on workers it is definitely crucial 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 biggest detrimental effect on individuals’s well-being and many other factors if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has been informed 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 employees or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll service for your workers internationally once again I think is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and checking account they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyway we know how how essential 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 everyone that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting 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 try to look through them and actually see what was going on and kind of try to return to everybody so carrying on appearance why do companies choose to primary different bank accounts there are Papaya Global Palau organizations out there doing precisely this for specific nations and I have actually worked in an organization or lots of services doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and anyone 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 believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering however ultimately individuals are very stuck with what they’re familiar

with best um change is a difficult thing all of us do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having preserving several checking account however there’s a substantial amount of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I believe the sincere response is modification um people have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this method does position numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Palau

I find time and time again the workers frequently misclassified unconsciously they do not understand the conditions of employment or contract and are told by the customer why it’s most advantageous generally to the customer why you must be utilized or taken part in this fashion the employee might 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 too late years have actually passed they have not 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 example hmrc can go back as much as 10 years um Kathy companies are taking out insurance versus misclassification however generally premiums are just covering the cost of legal costs whilst the average claim evaluated versus employers corresponds to to 40 or half of the base salary of worker is there any point in securing insurance 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 most of the times I haven’t seen it at least so uh the the other area 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 protection on the basis of the truth that you were not in compliance with laws um in the UK