Papaya Global Quarterly Payroll 2024 – Get Started

Managing payroll internationally is a daunting job … Papaya Global Quarterly Payroll…

publicly 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 also significant legal costs there exists’s other charges there’s other costs behind that too so the total cost can be extremely significant in the tens of countless dollars or more and and those quantities are growing uh the reason that business are getting it so wrong is actually simply the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for several years now and and still a lot of unpredictability amongst companies on what it actually indicates and how you handle it most companies are simply not familiar with 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 really proactive as you’re engaging uh workers from a classification perspective fine 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 staff member How Does Papaya Global Payroll Work Dates especially when it concerns their own tax liabilities social security and advantages for instance jury and obviously the workers the opposite of the coin

How much revenue does the company make? Papaya Global Quarterly Payroll

Over the last 5 or six years …Papaya Global Quarterly Payroll… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone 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 sort of let them do that so it ‘d be quite interesting and I can see it going on already 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies keep separate

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they add more complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming variety of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no genuine consistency structure we’re living in a period of tech but payroll has 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 services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see a lack of presence also reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global organizations have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be included right and what does

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it need to be thought of there’s varying 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 complexity anywhere you look best ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 frequently 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 individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more important to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by organizations across the world so again you’re simply aiming to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or genuine difficult type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect perspective on employees it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a great primary step um providing an end-to-end payroll service for your employees globally once again I think is another huge um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t believe 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I mean 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 imagine 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 sort of shot to get back to everybody so proceeding look why do companies choose to primary different bank accounts there are Papaya Global Quarterly Payroll businesses out there doing exactly this for particular countries and I have actually operated in a company or numerous services doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anybody that’s managing that procedure 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 believe lots of reasons one is it’s the standard I think individuals have got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals 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 think this is a process that requires taking a look at it requires changing but ultimately individuals are very stuck to what they’re familiar

with ideal um modification is a difficult thing all of us do not like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving numerous bank accounts however there’s a big quantity of complexity chooses establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the sincere answer is modification um people haven’t been able to change or haven’t had necessarily the knowledge to truly 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 know and there is a component of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages 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 track and this method does present several obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Quarterly Payroll

I find time and time again the employees frequently misclassified unwittingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you should be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions And so on so it’s a big impact that they never understood they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance coverage versus misclassification however typically premiums are just covering the cost of legal charges whilst the typical claim evaluated against employers equates to to 40 or half of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other location that I do believe if you managed to get the 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 truth that you were not in compliance with laws um in the UK