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Handling payroll internationally is a difficult task … Papaya Global Serial…

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 announced settlements there’s also considerable legal costs there’s there’s other charges there’s other expenses behind that also 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 business are getting it so wrong is truly simply the rules are complex and they’re changing all the time think ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of uncertainty amongst business on what it really implies and how you deal with it most companies are simply not knowledgeable about the guidelines 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 workers from a classification perspective alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the staff member Contact Papaya Global particularly when it comes to their own tax liabilities social security and benefits for instance jury and clearly the employees the opposite of the coin

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Over the last 5 or six years …Papaya Global Serial… roles on the service provider side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates 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 really very uninspiring and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business maintain different

Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property 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 accurately efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add more complexity the global Labor force is currently 3 and a half billion individuals 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 businesses and growing all doing their own thing around the world in the conventional payroll design there’s frequently an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very fundamental there’s no real consistency structure we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply 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 services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international services have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be included best and what does

it require to be thought of there’s differing Bank information 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to type of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split 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 process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high worth on well-being and the settlement landscape is becoming progressively complex. Services are constantly presenting brand-new advantages and payment choices, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today’s highly innovative era, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s biggest expense, should be processed properly and on time. Even minor hold-ups can negatively impact staff members’ wellness and have far-reaching repercussions. Therefore, it’s critical to prioritize precise and prompt payments.

payroll team get um so I’m not exactly sure anyone on this type 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 workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just 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 things is absolutely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll solution for your staff members internationally once again I think is another big um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and decreasing the number of tools platforms and bank accounts they need 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks

anyhow we understand how how important 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 associated with those processes and likewise so think of sorry I’m simply I was simply gon na state imagine 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 envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everybody so proceeding look why do companies choose to primary different savings account there are Papaya Global Serial services out there doing precisely this for particular countries and I have actually worked in a service or many companies doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anyone that’s dealing with 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 quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing but eventually individuals are extremely stuck to what they’re familiar

with right um change is a difficult thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping numerous bank accounts but there’s a big quantity of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the intricacy is huge but I believe the truthful answer is change um people haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually constantly 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 might nearly be determined to be the next Century approximately there is a lot to monitor and this approach does position several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so

I simply did you changed our Business 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 staff members you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Serial

I find time and time again the employees often misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the client why it’s optimum mainly to the customer why you should be utilized or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and several 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 haven’t contributed to pensions And so on so it’s a huge impact that they never ever understood they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are securing insurance coverage against misclassification but usually premiums are just covering the expense of legal charges whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of worker exists any point in taking out insurance coverage 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 in many cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the protection 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