Handling payroll globally is a difficult job … Does Papaya Global Payroll File Taxes…

How much revenue does the company make? Does Papaya Global Payroll File Taxes

Over the last five or six years …Does Papaya Global Payroll File Taxes… roles on the supplier side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was elsewhere 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 challenge years of managing International payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a recap 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 transferring 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 a growing number of complicated Global organizations are wanting to find Solutions and new methods to improve procedures particularly from a payroll and cross-border payment standpoint many organizations maintain separate checking account just for payroll while some have numerous accounts in different nations does it make sense for business to keep separate checking account in some cases in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business improve the episode complex procedures of

making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they add additional intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no genuine consistency structure we’re residing in an age 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 typically with pen and paper and that simply blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the average cost 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 world payroll and payments don’t run efficiently if they rely on the required multiple procedures systems and partners it is simply 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 employees or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be included ideal and what does

it require to be thought about there’s varying 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and financing teams 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 anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high value on wellness and the payment landscape is ending up being significantly elaborate. Services are constantly introducing brand-new benefits and payment options, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated period, there’s no justification for preserving cumbersome treatments. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even slight delays can negatively impact staff members’ well-being and have far-reaching effects. For that reason, it’s crucial to prioritize precise and prompt payments.

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 properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 things is absolutely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your staff members internationally once again I think is another huge um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of services and lowering the number of tools platforms and checking account they need for their International 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 problems where things haven’t gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks

anyway we know how how crucial a function 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 everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t envision 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 actually see what was going on and type of shot to return to everybody so carrying on look why do business pick to primary different bank accounts there are Does Papaya Global Payroll File Taxes services out there doing exactly this for particular countries and I’ve worked in an organization or many businesses doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not need to and anybody that’s handling 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 factors one is it’s the requirement I think individuals have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering however ultimately people are really stuck to what they recognize

with best um modification is a challenging thing all of us do not like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining multiple checking account however there’s a huge quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is substantial however I believe the sincere response is modification um individuals haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does posture several difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll File Taxes

I discover time and time again the employees typically misclassified unknowingly they don’t understand the conditions of work or agreement and are told by the client why it’s optimum generally to the customer why you should be employed 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 employee 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 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 example hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification but generally premiums are just covering the expense of legal charges whilst the average claim evaluated against employers corresponds to to 40 or half of the base salary of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to 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 area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be 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 challenging job … Does Papaya Global Payroll File Taxes…

publicly revealed 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 significant 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 millions of dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is really just the rules are intricate and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for several years now and and still a great deal of unpredictability amongst business on what it actually indicates and how you deal with it most companies are merely not aware of the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a classification viewpoint okay 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 Cd particularly when it comes to their own tax liabilities social security and benefits for example jury and certainly the workers the other side of the coin

How much revenue does the company make? Does Papaya Global Payroll File Taxes

Over the last 5 or 6 years …Does Papaya Global Payroll File Taxes… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number 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 already simply to hear where everybody is um it’s nice to to kind 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 very very uninspiring and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve different

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and discover how enhancing international payroll payments can transform them from a difficult job into a tactical property.

due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically lead to manual processes, information silos, and an absence of integration, causing inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and options to streamline and enhance worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on global payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data 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 information is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be included ideal and what does

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly amazed 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 divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by businesses across the world so once again you’re just looking to add increasingly more payments to this already complex landscape so if you kind 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 genuine obstacles or real tough sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger a service 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 info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply 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 agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an effect perspective on employees it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this type of webinar has actually 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 workers or not um but eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it fails 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 essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a fantastic first step um supplying an end-to-end payroll option for your employees globally once again I believe is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of organizations and reducing the variety of tools platforms and savings account they require for their Global payroll too could not 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not think any of us are actually doing that for for the thanks

anyhow we understand how how crucial 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 involved in those procedures and likewise so envision sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and type of try to return to everybody so moving on appearance why do companies pick to main separate bank accounts there are Does Papaya Global Payroll File Taxes organizations out there doing precisely this for particular nations and I’ve operated in a business or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anyone that’s handling that process 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 many reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however ultimately people are really stuck to what they recognize

with best um change is a tough thing all of us don’t like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping several checking account however there’s a big quantity of complexity opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is big however I think the sincere answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this method does pose several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Does Papaya Global Payroll File Taxes

I find time and time again the employees frequently misclassified unwittingly they don’t comprehend the conditions of work or contract and are told by the client why it’s optimum generally to the customer why you should be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker 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 passed they have not added to pensions Etc so it’s a huge impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification however typically premiums are only covering the expense of legal costs whilst the typical claim evaluated against employers equates to to 40 or half of the base pay of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK