Managing payroll globally is a difficult job … Papaya Global South Korea…

openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s likewise considerable legal costs there’s there’s other penalties there’s other costs behind that too so the overall expense can be really 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 really simply the rules are complicated and they’re altering all the time think ir-35 in the UK which has actually been a continuous development for a number of years now and and still a great deal of unpredictability amongst business on what it truly indicates and how you handle it most companies are just not familiar with the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a category perspective okay thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the worker Https Manage.Papaya Global.Com Payrolls New especially when it comes to their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin

How much revenue does the company make? Papaya Global South Korea

Over the last 5 or 6 years …Papaya Global South Korea… functions on the provider 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 everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually 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 drizzling here it’s really really uninspiring and I wish I was elsewhere at this moment in time okay 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 managing Global payroll why business keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll likewise review a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them ends up being a growing number of intricate International companies are looking to discover Solutions and new methods to streamline processes especially from a payroll and cross-border payment perspective numerous companies preserve separate bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different savings account in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies simplify the episode complex processes of

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs 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 hard in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s often a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely very fundamental there’s no genuine 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 often with pen and paper and that simply blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say 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 a picture they see an absence of presence also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors badly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical cost 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 money around the globe payroll and payments don’t run smoothly if they depend on the needed several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be included right and what does

it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 intricacy anywhere you look best ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very 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 absolutely essential and innovation is allowing us to sort of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more crucial to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by companies throughout the world so again you’re simply looking to add more and more payments to this currently complex 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 genuine challenges or real challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any service has from an expense perspective from an effect perspective on staff members it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental effect on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been surprised coming into this Market type of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Using the very first International Payments very first payroll payment solution is an excellent initial step towards providing a thorough payroll option for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account required for worldwide payroll are essential consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyhow 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d 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 everyone so moving on look why do companies choose to primary different savings account there are Papaya Global South Korea businesses out there doing precisely this for specific nations and I’ve operated in a service or many services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we don’t need to and anybody 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 lots of reasons one is it’s the standard I think people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it requires altering however ultimately people are very stuck to what they recognize

with best um modification is a tough thing we all do not like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining numerous bank accounts however there’s a substantial amount of intricacy opts for establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is huge but I think the honest response is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to track and this approach does posture numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so

I just 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 Global staff members you are worthy of a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global South Korea

I find time and time again the employees typically misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the client why it’s most advantageous primarily to the customer why you need to be used or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not 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 example hmrc can return as much as ten years um Kathy business are getting insurance coverage versus misclassification but usually premiums are just covering the expense of legal charges whilst the average claim evaluated versus employers corresponds to to 40 or 50 percent 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 need to check out the small print it is not covering the taxes charge and interest in many cases I have not seen it at least so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK

Handling payroll internationally is a complicated task … Papaya Global South Korea…

How much revenue does the company make? Papaya Global South Korea

Over the last five or 6 years …Papaya Global South Korea… roles on the supplier side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating 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 everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise review a wrap-up which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and handling them becomes a growing number of intricate International companies are wanting to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment perspective lots of organizations keep separate checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve different bank accounts in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies streamline the episode complex processes of

Ensuring accurate, efficient, and timely payroll payments is a complex difficulty for companies running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a troublesome job into a strategic asset.

due to different policies, compliance requirements, information security issues, and banking rules. The large number of workers and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems frequently result in manual procedures, data silos, and a lack of combination, causing disparities and inefficiencies. Regardless of living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 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 service invests in international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of global businesses have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely 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 needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does

it need to be considered 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I’m always impressed when people 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 profession would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more 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 again you’re just aiming to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real challenging kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any service has from a cost point of view from an impact viewpoint on employees it is absolutely critical 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 have to be done right it has the most significant damaging effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m not sure anyone on this sort of webinar has 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 employees or not um but eventually payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but 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 things is done correctly so leveraging the first Global Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your staff members globally once again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and savings account they require 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’ve never had a hundred countless them within a payroll cycle don’t 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 really doing that for for the thanks

anyway we understand 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 everyone that’s associated with those processes and also so imagine sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean up 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 need days of the week to try to browse them and in fact see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies select to primary separate savings account there are Papaya Global South Korea organizations out there doing precisely this for particular nations and I have actually worked in an organization or many organizations doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing but eventually people are extremely stuck to what they recognize

with best um modification is a challenging thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining numerous bank accounts however there’s a huge quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big but I think the sincere answer is change um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding 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 challenges yeah of course 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 Global staff members you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global South Korea

I discover time and time again the workers typically misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the customer why you should be employed or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t contributed to pensions Etc so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance against misclassification but usually premiums are just covering the expense of legal costs whilst the average claim evaluated against companies corresponds to to 40 or half of the base pay of employee exists any point in securing insurance 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 many 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 saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK