Handling payroll globally is a daunting job … Papaya Global Ltd…

publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s likewise significant legal expenses there’s there’s other charges there’s other expenses behind that too so the total expense can be extremely substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is truly just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for a number of years now and and still a great deal of uncertainty amongst companies on what it actually means and how you handle it most companies are merely not familiar with the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a classification viewpoint all right thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the worker Do Not Want Papaya Global Payroll To Show Up On Reports specifically when it concerns their own tax liabilities social security and advantages for instance jury and certainly the workers the other side of the coin

How much revenue does the company make? Papaya Global Ltd

Over the last 5 or 6 years …Papaya Global Ltd… functions on the provider side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort 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 kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very bleak and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep separate

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss 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.

Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a difficult task into a strategic asset.

due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Traditional payroll systems often lead to manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide services have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does

it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly 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 acknowledgment that payroll payments are definitely basic and technology is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always amazed when people say 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 often 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high worth on well-being and the payment landscape is ending up being significantly complex. Organizations are constantly presenting new benefits and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated era, there’s no reason for maintaining troublesome procedures. Payroll, the company’s greatest expense, must be processed properly and on time. Even minor hold-ups can negatively affect employees’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on precise and timely payments.

payroll group get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly 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 important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 things is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll option for your employees globally again I believe is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and checking 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’ve never ever had a hundred countless 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 problems where things have not gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks

anyway we know how how important 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 everyone that’s involved in those processes and likewise so picture sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of shot to return to everybody so moving on appearance why do companies select to primary separate bank accounts there are Papaya Global Ltd companies out there doing exactly this for particular nations and I have actually operated in a business or many organizations doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not need to and any person that’s handling 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 numerous factors one is it’s the requirement I think people have actually got so utilized to we need a new savings 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 believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing but eventually individuals are very stuck with what they’re familiar

with right um change is a challenging thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving numerous savings account however there’s a huge quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big however I think the honest answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this method does pose several difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Ltd

I discover time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the client why it’s optimum generally to the customer why you ought to be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification but generally premiums are only covering the cost of legal charges whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base salary of worker exists any point in getting 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 in many cases I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK

Managing payroll globally is a difficult task … Papaya Global Ltd….

How much revenue does the company make? Papaya Global Ltd.

Over the last 5 or 6 years …Papaya Global Ltd…. roles on the supplier side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind 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 really 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 extremely dreary and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a recap and that ought to leave his time at the really really 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 Worldwide workforces become more and more common and managing them becomes more and more intricate International companies are seeking to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint numerous companies preserve separate savings account just for payroll while some have several accounts in various countries does it make good sense for companies to keep different checking account in some cases in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of

making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global 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 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 globe in the conventional payroll model there’s often an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very very fundamental there’s no real consistency structure we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not need to be consisted of ideal and what does

it need to be thought of there’s differing 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 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 client’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if but some children 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 recognition that payroll payments are definitely fundamental and technology is enabling us to type of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely important that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high value on well-being and the payment landscape is becoming significantly detailed. Businesses are continually introducing brand-new advantages and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically innovative period, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant cost, must be processed correctly and on time. Even small delays can adversely affect employees’ wellness and have significant repercussions. Therefore, it’s important to focus on accurate and prompt payments.

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Global Payments first payroll payment option is a great initial action towards providing a comprehensive payroll service for staff members worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and savings account essential for international payroll are crucial factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.

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 simple as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying 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 need days of the week to try to check out them and in fact see what was going on and sort of try to get back to everybody so proceeding look why do companies choose to primary different checking account there are Papaya Global Ltd. services out there doing precisely this for particular nations and I have actually worked in a business or numerous organizations doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but ultimately individuals are extremely stuck to what they’re familiar

with ideal um modification is a challenging thing all of us don’t like modification um so I think it’s just sort of moving far from the standard as we have actually 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 but there’s a substantial amount of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is huge however I think the honest answer is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to keep track of and this method does present a number of challenges um so Johnny could you inform us about those challenges yeah obviously 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 feels like our CFO has gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Ltd.

I discover time and time again the employees often misclassified unwittingly they don’t comprehend the conditions of work or agreement and are told by the customer why it’s optimum primarily to the customer why you need to be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not contributed to pensions And so on so it’s a big impact that they never understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification however typically premiums are only covering the cost of legal charges whilst the average claim evaluated against companies corresponds to to 40 or half of the base salary of worker exists any point in securing insurance 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 charge and interest most of the times I have not seen it a minimum of so uh the the other location 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK