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Handling payroll globally is a difficult task … Papaya Global Salary Sacrifice…

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 revealed settlements there’s also substantial legal costs there exists’s other charges there’s other costs behind that also so the total cost can be very significant in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is really simply the guidelines are complex and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for several years now and and still a lot of uncertainty among companies on what it truly suggests and how you handle it most employers are merely 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 very proactive as you’re engaging uh workers from a category point of view okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee Papaya Global Install Location especially when it pertains to their own tax liabilities social security and advantages for example jury and obviously the workers the other side of the coin

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Over the last 5 or 6 years …Papaya Global Salary Sacrifice… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing 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 comes from and I truly 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 raining here it’s really really uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve different

Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly beneficial 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 various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how enhancing global payroll payments can transform them from a difficult task into a tactical asset.

due to different regulations, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems often lead to manual procedures, information silos, and a lack of integration, leading to inconsistencies and ineffectiveness. Regardless of residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options to streamline and enhance global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the incorrect location the average expense of an international information 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 don’t run smoothly if they depend on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be included ideal and what does

it need to be considered there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more essential to contribute to sort of the level of complexity there’s more and more advantages being organ or being used by companies throughout the world so again you’re just aiming to include a growing number of payments to this currently 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 obstacles or genuine tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things however you understand 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 create additional handoffs while doing sos that we operate in they simply 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 a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact perspective on staff members it is definitely vital that it’s done correctly and on time so what we mean 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 harmful impact on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to ten 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 correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll service for your workers worldwide once again I think is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of companies and reducing the variety of tools platforms and bank accounts they require for their International 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’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks

anyhow we understand how how important 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 easy as possible for everybody that’s associated with 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 could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating 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 was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everybody so carrying on look why do companies pick to main separate savings account there are Papaya Global Salary Sacrifice organizations out there doing exactly this for specific nations and I have actually worked in a service or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and any person 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 amount that we are I think lots of factors one is it’s the standard I think people have got so used to we need a brand-new bank 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 standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that needs looking at it needs altering however ultimately individuals are really stuck to what they’re familiar

with right um change is a tough thing we all do not like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining multiple bank accounts but there’s a substantial amount of complexity opts for establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the intricacy is substantial but I think the truthful answer is change um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this approach does position a number of difficulties 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 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 gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Salary Sacrifice

I find time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s optimum mainly to the client why you ought to be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added 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 say the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance versus misclassification however usually premiums are only covering the expense of legal fees whilst the typical claim evaluated versus companies equates 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 require to check out the fine print it is not covering the taxes penalty and interest for the most part I haven’t seen it at least so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK