Managing payroll worldwide is a difficult task … Papaya Global Week 1 Month 1…

openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s likewise substantial legal expenses there exists’s other penalties there’s other expenses behind that also so the overall cost can be extremely substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is really 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 uncertainty among companies on what it really means and how you handle it most employers are merely not knowledgeable about 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 employees from a category perspective all right thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what results can this have on the employee Papaya Global Owner specifically when it pertains to their own tax liabilities social security and benefits for example jury and obviously the employees the opposite of the coin

How much revenue does the company make? Papaya Global Week 1 Month 1

Over the last five or 6 years …Papaya Global Week 1 Month 1… functions on the service provider side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of 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 rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of typical and handling them becomes more and more complex Worldwide organizations are looking to discover Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment perspective lots of organizations maintain different savings account just for payroll while some have several accounts in various countries does it make sense for companies to keep separate bank accounts often in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex processes of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the international Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s typically a frustrating variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of international businesses have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the needed multiple 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 obstacles business face when they’re making payments to workers or otherwise that’s a good question I always toss this back and say what is it what does not require to be included ideal and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling 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 Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 live in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by services throughout the world so once again you’re simply aiming to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would certainly state that the bigger an organization 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 teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense point of view from an impact viewpoint on workers it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful impact on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been surprised entering this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great 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 find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 Worldwide Payments first payroll payment option is a great initial step um supplying an end-to-end payroll service for your staff members worldwide once again I think is another big um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of organizations and lowering 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyway we understand how how essential 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 procedures and likewise so imagine sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need 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 everyone so moving on appearance why do business pick to main different checking account there are Papaya Global Week 1 Month 1 organizations out there doing exactly this for specific nations and I’ve worked in a company or many organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but eventually people are very stuck with what they recognize

with ideal um change is a tough thing we all don’t like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving several savings account but there’s a huge quantity of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is substantial however I think the truthful response is change um individuals haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this approach does pose a number of difficulties um so Johnny could you tell us about those obstacles 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 deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Week 1 Month 1

I find time and time again the workers frequently misclassified unconsciously they do not understand the conditions of work or contract and are informed by the client why it’s optimum generally to the client why you ought to be utilized 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 gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance coverage against misclassification but normally premiums are just covering the expense of legal charges whilst the average claim evaluated versus employers equates 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 read the small print it is not covering the taxes penalty and interest in many cases I have not 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 rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK

Handling payroll internationally is an overwhelming job … Papaya Global Week 1/Month 1…

How much revenue does the company make? Papaya Global Week 1/Month 1

Over the last 5 or six years …Papaya Global Week 1/Month 1… functions on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well among 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 interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone 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 very extremely bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep separate

Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s typically a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency framework 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 whenever I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 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 a company invests in global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global services have 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 due to time reporting poor HCM information data entry errors badly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they rely on the needed numerous 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 difficulties business face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what does not need to be consisted of best 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere 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 essential to add to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re just wanting to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real obstacles or real difficult kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger a business 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 info into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost perspective from an impact perspective on staff members it is definitely important 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 damaging impact on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been astonished entering this Market sort of the last 5 to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the first Global Payments very first payroll payment option is a great initial action towards providing a detailed payroll solution for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account needed for international payroll are essential factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the thankfulness.

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 envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh absolutely 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 check out them and really see what was going on and kind of try to get back to everybody so carrying on look why do business select to main different savings account there are Papaya Global Week 1/Month 1 organizations out there doing exactly this for particular countries and I have actually worked in a business or many companies doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and anyone that’s dealing with 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 amount that we are I think lots of factors one is it’s the standard I think individuals have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering but eventually people are very stuck with what they’re familiar

with ideal um modification is a challenging thing all of us don’t like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping multiple checking account however there’s a huge amount of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big but I believe the truthful response is modification um individuals have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep track of and this approach does position numerous difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Week 1/Month 1

I find time and time again the employees typically misclassified unconsciously they don’t understand the conditions of work or agreement and are told by the customer why it’s most advantageous mainly to the customer why you ought to be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected 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 passed they have not added to pensions Etc so it’s a big impact that they never understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance coverage versus misclassification but usually premiums are just covering the cost of legal costs whilst the typical claim examined against companies 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 read the small 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 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 pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK