Handling payroll globally is a complicated job … Papaya Global Slovakia…

How much revenue does the company make? Papaya Global Slovakia

Over the last five or 6 years …Papaya Global Slovakia… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately 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 already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 very really bleak and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll likewise discuss a recap and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and managing them ends up being more and more intricate Global organizations are wanting to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment viewpoint numerous companies maintain separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve different checking account in some cases in various countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business streamline the episode complex processes of

Ensuring precise, effective, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a burdensome job into a tactical property.

due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems frequently result in manual processes, data silos, and an absence of combination, leading to inconsistencies and ineffectiveness. In spite of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and options to streamline and enhance international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what does not need to be consisted of right and what does

it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 complexity wherever you look best eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

The contemporary world places a high worth on wellness and the settlement landscape is ending up being increasingly complex. Services are continually presenting new advantages and payment choices, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s highly advanced period, there’s no justification for keeping cumbersome procedures. Payroll, the company’s biggest expenditure, need to be processed properly and on time. Even minor delays can negatively affect workers’ well-being and have significant effects. For that reason, it’s important to prioritize accurate and prompt payments.

payroll group get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe 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 things is definitely vital that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a great first step um providing an end-to-end payroll service for your staff members globally once again I think is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of companies and lowering the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t believe any of us are really 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 involved in those processes and likewise so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of shot to return to everybody so moving on look why do business select to main different checking account there are Papaya Global Slovakia organizations out there doing precisely this for particular countries and I have actually worked in a service or lots of businesses doing precisely that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I believe people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced 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 lots of other ways um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing but eventually individuals are extremely stuck to what they’re familiar

with right um modification is a difficult thing all of us do not like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving several checking account however there’s a huge quantity of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the complexity is huge however I believe the honest answer is modification um people have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this technique does position several challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise 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 actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Slovakia

I discover time and time again the employees typically misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s optimum mainly to the client why you should be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be 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 passed they have not added to pensions And so on so it’s a big effect that they never knew they were strolling into you could not 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 versus misclassification however typically premiums are just covering the cost of legal fees whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK

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

openly 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 considerable legal expenses there’s there’s other penalties there’s other expenses behind that also so the total cost can be really significant in the 10s of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is actually just the rules are intricate and they’re changing 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 great deal of unpredictability amongst companies on what it actually implies and how you handle it most employers are merely not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a classification point of view okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what results can this have on the staff member How To Cancel A Papaya Global Payroll Direct Deposit especially when it concerns their own tax liabilities social security and benefits for example jury and certainly the workers the opposite of the coin

How much revenue does the company make? Papaya Global Slovakia

Over the last five or 6 years …Papaya Global Slovakia… functions on the supplier side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type 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 truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll also discuss a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them ends up being more and more complex Worldwide companies are looking to find Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment standpoint many organizations preserve separate checking account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different checking account sometimes in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies enhance the episode complex processes of

Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a difficult job into a tactical possession.

due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer number of staff members and services adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems typically result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inadequacies. Despite living in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a service spends on global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the average expense of an international data 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 efficiently if they rely on the needed multiple procedures 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 challenges company face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be included ideal 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 amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely important but everywhere 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 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 absolutely basic and technology is allowing us to sort of move on with that it also too to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work closer together than ever um I’m always astonished when people say I’ve split payroll and payment um if you walk down the street and asked anyone 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 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 information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

The modern world places a high worth on well-being and the settlement landscape is becoming significantly detailed. Companies are continuously introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced age, there’s no reason for preserving cumbersome treatments. Payroll, the company’s most significant expenditure, must be processed correctly and on time. Even small hold-ups can negatively affect employees’ wellness and have significant effects. Therefore, it’s crucial to focus on precise and timely payments.

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just notice when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other important matters are done properly. Using the first Global Payments very first payroll payment option is a great preliminary action towards providing a thorough payroll option for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account necessary for global payroll are essential factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and type of shot to return to everyone so proceeding appearance why do companies choose to main different savings account there are Papaya Global Slovakia businesses out there doing exactly this for particular countries and I have actually operated in an organization or many companies doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anyone that’s handling 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 numerous reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you need 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 requirement and the norm the people have actually embraced 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 lots of other methods um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs altering however eventually people are very stuck to what they’re familiar

with ideal um modification is a hard thing we all do not like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple bank accounts however there’s a big quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is substantial but I think the sincere answer is change um individuals have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep track of and this method does present numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Slovakia

I find time and time again the workers typically misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the client why it’s optimum primarily to the client why you should be used 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 gone by they haven’t added to pensions Etc so it’s a huge impact that they never understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance coverage versus misclassification but typically premiums are just covering the expense of legal fees whilst the typical claim evaluated versus employers corresponds to to 40 or 50 percent of the base salary of employee is there 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 charge and interest in many cases I have not seen it at least 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK