Handling payroll globally is a challenging task … Does Papaya Global Payroll Integrate With Papaya Global…

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 revealed settlements there’s also considerable legal expenses there exists’s other penalties there’s other costs behind that too so the overall expense can be really considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is really simply the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a lot of uncertainty amongst business on what it really means and how you deal with it most companies 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 motivate you to to be very proactive as you’re engaging uh workers from a classification point of view all right 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 employee Https Manage.Papaya Global.Com Haigs-delicacies-llc Payroll_Admin Offer_Letters Intro specifically when it concerns their own tax liabilities social security and benefits for instance jury and certainly the workers the other side of the coin

How much revenue does the company make? Does Papaya Global Payroll Integrate With Papaya Global

Over the last 5 or six years …Does Papaya Global Payroll Integrate With Papaya Global… roles on the supplier side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies keep separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and handling them ends up being a growing number of complex Worldwide organizations are wanting to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment perspective lots of organizations keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain different checking account sometimes in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex processes of

Making sure precise, effective, and prompt payroll payments is a complex challenge for companies running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how simplifying international payroll payments can transform them from a burdensome task into a strategic asset.

due to various policies, compliance requirements, data security issues, and banking guidelines. The large number of workers and organizations contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often result in manual procedures, data silos, and an absence of combination, resulting in disparities and inefficiencies. In spite of living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and options to simplify and optimize worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have 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 poor HCM information information entry errors improperly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included best and what does

it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 fundamental and innovation is allowing us to kind of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly impressed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more important to add to kind of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re simply wanting to add increasingly more payments to this already complicated 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 people I think yeah I mean over the last well yeah a number of decades I would certainly say that the larger 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 information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce additional handoffs at the same times 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 a period of tech and an era that you know that we are working in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect viewpoint on staff members it is absolutely important 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 greatest harmful result on people’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to ten years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a great preliminary action towards providing a detailed payroll service for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account necessary for international payroll are essential factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as planned. Ultimately, we don’t do it for the gratitude.

anyway we know how how crucial a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of shot to return to everybody so moving on look why do companies choose to primary different savings account there are Does Papaya Global Payroll Integrate With Papaya Global services out there doing exactly this for particular nations and I’ve worked in an organization or lots of businesses doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and anyone that’s managing 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 numerous reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it needs altering but ultimately individuals are really stuck to what they’re familiar

with ideal um change is a hard thing all of us don’t like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining several savings account but there’s a huge quantity of intricacy goes with establishing a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is huge but I think the sincere response is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does pose numerous challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Does Papaya Global Payroll Integrate With Papaya Global

I find time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s optimum mainly to the customer why you need to be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 actually passed they have not contributed to pensions And so on 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 go back as much as 10 years um Kathy companies are getting insurance against misclassification but typically premiums are just covering the cost of legal fees whilst the average claim assessed versus employers relates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest for the most part 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 saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK

Handling payroll internationally is an overwhelming task … Does Papaya Global Payroll Integrate With Papaya Global…

publicly announced 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 considerable legal expenses there exists’s other charges there’s other expenses behind that also so the overall cost can be very substantial 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 really just the rules are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous development for a number of years now and and still a lot of uncertainty among business on what it actually suggests and how you deal with it most employers are simply not aware of the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category perspective alright thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the worker Papaya Global.Io particularly when it pertains to their own tax liabilities social security and advantages for instance jury and clearly the employees the other side of the coin

How much revenue does the company make? Does Papaya Global Payroll Integrate With Papaya Global

Over the last five or six years …Does Papaya Global Payroll Integrate With Papaya Global… roles on the company side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them ends up being a growing number of complicated International companies are looking to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain separate bank accounts sometimes in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex procedures of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include additional intricacy the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s often an overwhelming variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or really really standard there’s no real consistency structure we’re living in an age 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 every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers 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

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 timespan 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is absolutely important but all over 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on well-being and the payment landscape is ending up being significantly intricate. Companies are constantly presenting new advantages and payment options, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly innovative era, there’s no justification for keeping troublesome treatments. Payroll, the company’s most significant cost, should be processed properly and on time. Even minor hold-ups can negatively affect workers’ well-being and have far-reaching effects. For that reason, it’s crucial to prioritize accurate and prompt payments.

The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that jobs like Wi-Fi Global and other important matters are done correctly. Using the first International Payments first payroll payment solution is a great preliminary action towards offering a detailed payroll option for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and bank accounts necessary for global payroll are crucial factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Eventually, we don’t do it for the appreciation.

anyway we know how how essential 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 processes and likewise so imagine sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely 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 browse them and actually see what was going on and sort of shot to get back to everyone so moving on look why do business pick to main different bank accounts there are Does Papaya Global Payroll Integrate With Papaya Global companies out there doing precisely this for particular nations and I’ve worked in a service or lots of businesses doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anybody 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 amount that we are I believe lots of factors one is it’s the requirement I believe people have got so used to we need a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people 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 range I think this is a process that needs looking at it requires changing but ultimately people are really stuck to what they’re familiar

with ideal um modification is a tough thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving multiple bank accounts however there’s a big amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is big but I think the honest answer is change um people have not had the ability to change or have not had necessarily 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 understanding you understand and there is an aspect of resistance to change but we have actually 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 understand what might nearly be figured out to be the next Century or two there is a lot to keep track of and this method does position numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Does Papaya Global Payroll Integrate With Papaya Global

I discover time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of work or contract and are told by the client why it’s optimum mainly to the customer why you must be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare 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 too late years have passed they have not contributed to pensions Etc so it’s a huge impact that they never knew they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance versus misclassification however usually premiums are just covering the cost of legal costs whilst the average claim examined against employers corresponds to to 40 or half of the base pay of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in many cases I haven’t seen it at least so uh the the other location that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK