Handling payroll worldwide is a daunting task … Papaya Global Payroll Where\’s My Deposit…

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’s there’s other charges there’s other expenses behind that too so the overall expense can be really considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is actually simply the guidelines are complex and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a great deal of unpredictability among companies on what it really suggests and how you deal with it most employers are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a classification perspective alright thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member Papaya Global Payroll Pros And Cons specifically when it pertains to their own tax liabilities social security and benefits for example jury and obviously the employees the other side of the coin

How much revenue does the company make? Papaya Global Payroll Where\’s My Deposit

Over the last five or six years …Papaya Global Payroll Where\’s My Deposit… roles on the provider side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 extremely extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them becomes more and more intricate Worldwide organizations are wanting to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment viewpoint many organizations maintain different checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep separate savings account in some cases in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business improve the episode complex processes of

making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses 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 tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated 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 services and growing all doing their own thing worldwide in the conventional payroll design there’s frequently a frustrating number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very really basic there’s no genuine consistency framework we’re living in an age of tech but payroll has 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 whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the necessary several processes 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 company face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included 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 time frames 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 consumer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like incredibly payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say 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 estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to add to type of the level of intricacy there’s a growing number of advantages being organ or being used by services throughout the world so once again you’re simply wanting to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually 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 produce additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not 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 tough as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact point of view on workers it is absolutely 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 have to be done right it has the biggest detrimental impact on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members 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 fails however when it goes right it’s just a tick box exercise and I think 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 stuff is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your employees internationally once again I think is another big um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and bank accounts they need for their International 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t believe any of us are really doing that for for the thanks

anyhow we know how how crucial 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 involved in those procedures and also so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine 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 really see what was going on and kind of try to return to everyone so proceeding appearance why do business choose to main separate savings account there are Papaya Global Payroll Where\’s My Deposit companies out there doing precisely this for particular countries and I’ve operated in a service or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and any person that’s handling 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 many reasons one is it’s the standard I think people have got so used to we need a new checking account we open an entity and appropriately so you require 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 requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs altering but ultimately individuals are very stuck with what they’re familiar

with ideal um modification is a challenging thing we all don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping several bank accounts but there’s a big amount of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is big but I believe the honest response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter 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 proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to track and this technique does position a number of challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Payroll Where\’s My Deposit

I find time and time again the employees often misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the customer why it’s most advantageous mainly to the customer why you ought to be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions Etc so it’s a huge 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 ten years um Kathy business are securing insurance coverage versus misclassification however generally premiums are just covering the cost of legal charges whilst the average claim examined versus companies equates to to 40 or half of the base pay 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 penalty and interest most of the times I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK

Handling payroll globally is a complicated job … Papaya Global Payroll Wheres My Deposit…

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 revealed settlements there’s also significant legal expenses there’s there’s other charges there’s other expenses behind that also 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 companies are getting it so wrong is really just the guidelines are complex and they’re changing 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 among business on what it actually suggests and how you deal with it most employers are just not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a classification point of view fine thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee Papaya Global Payroll Papaya Global particularly when it comes to their own tax liabilities social security and advantages for instance jury and clearly the workers the other side of the coin

How much revenue does the company make? Papaya Global Payroll Wheres My Deposit

Over the last five or 6 years …Papaya Global Payroll Wheres My Deposit… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion 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 one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s get going 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 different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap and that must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them becomes increasingly more complex Global organizations are seeking to discover Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment perspective numerous organizations maintain separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain separate savings account often in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies simplify the episode complex procedures of

Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a tactical property.

due to numerous guidelines, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and companies contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Conventional payroll systems frequently result in manual processes, data silos, and an absence of combination, causing disparities and inadequacies. Despite living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and options to simplify and optimize international payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on international payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide organizations have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM 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 information is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does

it need to be thought of there’s differing Bank information 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 need 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 ideal ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to kind of progress with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m always astonished when individuals say 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 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re just aiming to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from an expense perspective from an impact perspective on staff members it is absolutely critical that it’s done correctly and on time so what we imply 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 result on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply 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 things is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll service for your employees globally again I believe is another huge um procedure again lining up and ensuring you have standardization Global processes all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they need for their Worldwide 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 complaints where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly 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 but it would definitely be an intriguing task trying to clean 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 attempt to browse them and in fact see what was going on and type of shot to get back to everyone so moving on look why do business select to main separate bank accounts there are Papaya Global Payroll Wheres My Deposit services out there doing exactly this for particular nations and I have actually operated in a company or lots of companies doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s managing 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 lots of reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however 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 adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs changing but eventually individuals are really stuck with what they recognize

with right um modification is a challenging thing we all don’t like modification um so I think 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 undoubtedly the benefits of having preserving multiple bank accounts however there’s a substantial quantity of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is big however I believe the honest response is modification um people have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or so there is a lot to monitor and this method does pose a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Wheres My Deposit

I find time and time again the employees frequently misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the client why you ought to be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected 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 added to pensions Etc so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance versus misclassification but normally premiums are just covering the cost of legal fees whilst the average claim examined against companies corresponds to to 40 or half of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of 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 pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK