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Managing payroll internationally is a daunting task … Affiliate 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 likewise significant legal costs there exists’s other penalties there’s other costs behind that too so the overall expense can be very considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason that companies are getting it so incorrect is really simply the rules are complex and they’re changing all the time think ir-35 in the UK which has been a continuous advancement for several years now and and still a great deal of uncertainty among companies on what it truly means and how you handle it most companies are just not knowledgeable about 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 employees from a classification point of view fine thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the employee Payrollcenter Papaya Global Review specifically when it comes to their own tax liabilities social security and benefits for instance jury and obviously the workers the other side of the coin

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Over the last five or six years …Affiliate Papaya Global… roles on the company side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all 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 currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I want 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 taking a look at the obstacle years of handling Worldwide payroll why business maintain separate

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined 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 possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include more complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating variety of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely really basic there’s no real consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global organizations 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 poor HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be consisted of right and what does

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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 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if however 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to sort of progress 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 processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 process 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 3rd parties so with the

world we reside in and well-being being increasingly more essential to contribute to type of the level of complexity there’s more and more advantages being organ or being offered by services across the world so once again you’re just seeking to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an impact viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll service for your employees internationally once again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of companies and reducing the number of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know 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 everybody that’s involved in those processes and also so imagine sorry I’m just I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t think of 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 type of shot to return to everybody so carrying on appearance why do business choose to main separate checking account there are Affiliate Papaya Global companies out there doing exactly this for specific nations and I’ve operated in a company or numerous businesses doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anyone that’s dealing with that procedure 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 factors one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a process that needs looking at it requires altering however eventually individuals are very stuck with what they’re familiar

with best um modification is a hard thing we all don’t like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining numerous bank accounts however there’s a substantial quantity of complexity goes with establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I think the truthful response is modification um individuals have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this method does posture numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Affiliate Papaya Global

I find time and time again the employees often misclassified unwittingly they don’t understand the conditions of work or agreement and are told by the client why it’s most advantageous generally to the client why you should be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t contributed to pensions Etc so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance coverage against misclassification however normally premiums are only covering the cost of legal fees whilst the average claim examined against companies corresponds to to 40 or half of the base salary of worker exists any point in getting insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK