Managing payroll worldwide is a difficult job … Papaya Global Colombia…

publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also significant legal costs there’s there’s other charges there’s other expenses behind that also so the total cost can be very substantial in the tens of countless dollars or more and and those amounts are growing uh the reason that business are getting it so wrong is truly just the rules are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous development for several years now and and still a great deal of uncertainty amongst companies on what it truly means and how you handle it most employers are just not familiar with 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 viewpoint all right thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the worker Papaya Global Aeo particularly when it pertains to their own tax liabilities social security and advantages for instance jury and obviously the workers the opposite of the coin

How much revenue does the company make? Papaya Global Colombia

Over the last five or 6 years …Papaya Global Colombia… functions on the service provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 very dreary and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise review a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them ends up being more and more complicated Worldwide organizations are aiming to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of companies keep different checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve different checking account often in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of

making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the international Labor force 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 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 around the globe in the standard payroll design there’s typically a frustrating number of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely basic there’s no real consistency structure we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply 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 Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually expressed 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 because of time reporting bad HCM data data entry errors poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be consisted of right and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of progress with that it also as well 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 absolutely important that payroll and finance groups work closer together than ever um I’m always impressed when individuals 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 occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data 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 reside in and wellness being increasingly more important to contribute to type of the level of complexity there’s a growing number of advantages being organ or being offered by services throughout the world so again you’re just seeking to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost perspective from an effect perspective on staff members it is definitely important that it’s done properly 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 most significant detrimental impact on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 International Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll solution for your workers internationally once again I think is another big um process again lining up and ensuring you have standardization Global procedures all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and bank accounts they need for their International payroll too couldn’t 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks

anyway we know how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely 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 actually see what was going on and type of shot to get back to everybody so moving on look why do companies pick to main different checking account there are Papaya Global Colombia organizations out there doing precisely this for particular countries and I have actually worked in a business or lots of organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anybody that’s dealing with that procedure 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 lots of reasons one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering but eventually individuals are really stuck with what they’re familiar

with best um modification is a difficult thing all of us do not like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving numerous bank accounts however there’s a substantial amount of complexity goes with establishing a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge however I think the honest response is change um individuals have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to monitor and this approach does posture numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so

I simply did you changed our Enterprise 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 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Colombia

I discover time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are told by the client why it’s optimum primarily to the customer why you must be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 gone by they haven’t added to pensions Etc so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification but generally premiums are just covering the expense of legal costs whilst the average claim examined versus companies relates to to 40 or half of the base salary 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 most cases I have not seen it a minimum of so uh the the other location that I do believe 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK

Handling payroll worldwide is a daunting job … Papaya Global Colombia…

openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also considerable legal expenses there exists’s other penalties there’s other costs behind that as well so the overall cost can be extremely considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is actually simply the rules are complicated and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for several years now and and still a lot of unpredictability amongst business on what it actually means and how you deal with it most employers are just not familiar with the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a category perspective 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 worker What Is Included In Papaya Global Payroll Subscription specifically when it concerns their own tax liabilities social security and advantages for example jury and certainly the workers the opposite of the coin

How much revenue does the company make? Papaya Global Colombia

Over the last 5 or 6 years …Papaya Global Colombia… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing 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 everybody comes from and I truly do hope it’s much sunnier than it is 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 extremely dreary 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 taking a look at the obstacle years of handling Global payroll why companies keep separate

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 tactical asset uh we’ll likewise review a wrap-up which should leave his time at the extremely really 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 Global labor forces end up being a growing number of common and handling them becomes more and more complex Global organizations are aiming to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate savings account sometimes in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex processes of

Ensuring precise, effective, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a troublesome job into a tactical property.

due to different policies, compliance requirements, data security issues, and banking rules. The large number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.

Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, resulting in disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and services to streamline and enhance global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on global payroll the less of an image they see an absence of presence also extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they do not 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 poor HCM information data entry errors improperly communicated 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 typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the required numerous processes 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 obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of ideal and what does

it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 right eventually building a knowledge base is definitely important but all over you look with payroll payment they are like extremely payments no if however 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to type of move forward with that it likewise also 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 important that payroll and financing teams work better together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 eventually it’s payroll is an end-to-end process it’s the point of information 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 well-being being increasingly more important to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just looking to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from an expense point of view from an impact point of view on workers it is definitely critical 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 need to be done right it has the most significant harmful result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a great first step um offering an end-to-end payroll solution for your workers internationally once again I think is another big um process once again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and bank accounts 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks

anyway 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 simple as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of shot to return to everybody so proceeding appearance why do business pick to primary different savings account there are Papaya Global Colombia organizations out there doing precisely this for particular countries and I have actually operated in a service or numerous companies doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think individuals have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing however ultimately people are extremely stuck to what they’re familiar

with right um modification is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving several savings account but there’s a big amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the complexity is substantial but I think the honest response is change um individuals have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to track and this approach does pose several challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety 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 boosted capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Colombia

I find time and time again the workers often misclassified unconsciously they do not understand the conditions of employment or agreement and are informed by the client why it’s optimum generally to the client why you ought to be utilized or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions Etc 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 instance hmrc can go back as much as 10 years um Kathy companies are getting insurance coverage versus misclassification however generally premiums are only covering the expense of legal fees whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in getting 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 charge and interest in most cases I have not seen it at least so uh the the other location 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 protection on the basis of the truth that you were not in compliance with laws um in the UK