Managing payroll globally is an overwhelming job … Papaya Global Update Doesnt Do Anything…

How much revenue does the company make? Papaya Global Update Doesnt Do Anything

Over the last 5 or six years …Papaya Global Update Doesnt Do Anything… roles on the company side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of 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 simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 very bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise review a recap which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and managing them ends up being increasingly more intricate Worldwide organizations are seeking to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve separate savings account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep different checking account in some cases in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business streamline the episode complex processes of

making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they add additional complexity the international Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very extremely standard there’s no real consistency structure we’re residing in a period 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 frequently with pen and paper which just blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have actually revealed 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 because of time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical expense 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 around the globe payroll and payments do not run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included best and what does

it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if but 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 absolutely basic and innovation is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more crucial to add to kind of the level of complexity there’s more and more benefits being organ or being offered by services throughout the world so again you’re just aiming to add increasingly more payments to this already intricate 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 genuine challenges or genuine challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on employees it is absolutely important that it’s done correctly and on time so what we suggest 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 detrimental result on individuals’s well-being and many other elements if people aren’t paid uh I have actually always been astonished entering this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply 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 things is definitely important that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll solution for your staff members internationally again I believe is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyway we understand 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that many 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 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 was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and type of try to get back to everyone so moving on look why do business select to primary separate savings account there are Papaya Global Update Doesnt Do Anything businesses out there doing precisely this for specific nations and I’ve worked in a service or many services doing precisely that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anybody 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 numerous factors one is it’s the requirement I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it needs changing but ultimately people are really stuck to what they’re familiar

with best um modification is a hard thing we all do not like modification um so I think it’s simply type of moving away 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 benefits of having keeping several checking account but there’s a substantial quantity of complexity chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is substantial however I believe the sincere answer is change um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually always 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 practically be identified to be the next Century or two there is a lot to monitor and this technique does posture several challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so

I recently made a change to our Enterprise 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 capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international 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 Update Doesnt Do Anything

I discover time and time again the employees often misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s optimum generally to the customer why you must be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare 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 too late years have gone by they have not contributed to pensions And so on so it’s a big impact that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance coverage against misclassification but normally premiums are only covering the expense of legal charges whilst the average claim evaluated versus companies corresponds to to 40 or half of the base salary of worker exists any point in getting insurance coverage 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 charge and interest most of the times I haven’t seen it at least so uh the the other location that I do believe if you managed to get the coverage what we are stating 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

Managing payroll internationally is a daunting task … Papaya Global Update Doesn\’t Do Anything…

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 likewise substantial legal costs there exists’s other penalties there’s other costs behind that too so the total expense can be really substantial 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 just the rules are complex and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of uncertainty amongst companies on what it really suggests and how you handle it most employers are simply not familiar with 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 really proactive as you’re engaging uh employees from a category viewpoint alright thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the worker How To View And Update Papaya Global Payroll Service Account particularly when it concerns their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the other side of the coin

How much revenue does the company make? Papaya Global Update Doesn\’t Do Anything

Over the last five or six years …Papaya Global Update Doesn\’t Do Anything… functions on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type 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 sort of like see where everybody comes from and I actually 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 raining here it’s very really dreary and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll likewise discuss a recap and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them becomes more and more complicated Global organizations are wanting to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint many organizations keep separate savings account just for payroll while some have several accounts in different countries does it make sense for business to preserve separate savings account often in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of

making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they include more complexity the worldwide 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 consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there’s often an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Combinations 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 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 simply blows my mind each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international companies have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the necessary multiple procedures 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 business face when they’re paying to staff members 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 right and what does

it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if however some babies 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move forward with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so once again you’re simply seeking to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely say that the larger a business 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 details into the next function as it were that’s in fact managing the payment side of things however you know 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 need to create additional handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an effect viewpoint on employees it is definitely critical 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 need to be done right it has the greatest detrimental impact on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment solution is a fantastic preliminary step towards providing a detailed payroll service for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account required for international payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyway we understand 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 everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that numerous 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 certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to return to everybody so moving on look why do business pick to main separate bank accounts there are Papaya Global Update Doesn\’t Do Anything companies out there doing exactly this for particular nations and I’ve worked in a company or numerous companies doing exactly that I can say it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not need to and anyone 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 lots of factors one is it’s the requirement I think individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs altering but ultimately people are extremely stuck with what they’re familiar

with right um modification is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping numerous checking account however there’s a huge amount of complexity chooses establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial but I believe the honest response is change um individuals haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank 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 but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does posture numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a change to our Enterprise 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 boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Update Doesn\’t Do Anything

I find time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum generally to the customer why you must be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages 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 passed they have not contributed to pensions Etc so it’s a big effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are taking out insurance versus misclassification but normally premiums are only covering the cost of legal charges whilst the typical claim assessed against companies relates to to 40 or 50 percent of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest for the most part 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 denied protection on the basis of the fact that you were not in compliance with laws um in the UK