Papaya Global Accounts 2024 – Get Started

Handling payroll internationally is a daunting task … Papaya Global Accounts…

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 significant legal costs there exists’s other penalties there’s other expenses behind that too so the overall cost can be extremely significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason why business are getting it so wrong is really simply the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has been an ongoing development for numerous years now and and still a lot of unpredictability among companies on what it actually suggests and how you deal with it most employers 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 extremely proactive as you’re engaging uh employees from a category perspective alright thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the worker Xero Papaya Global Payroll especially when it concerns their own tax liabilities social security and benefits for example jury and obviously the employees the other side of the coin

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Over the last 5 or six years …Papaya Global Accounts… functions on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number 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 intriguing and I can see it going on currently simply 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 sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap and that should leave his time at the extremely really 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 typical and managing them ends up being a growing number of complex Global companies are seeking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of organizations preserve different bank account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve different checking account often in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies improve the episode complex processes of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add further intricacy the global Labor force is currently three 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 presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency structure we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average cost of a global 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 don’t run efficiently if they rely on the necessary numerous 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 difficulties company face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be consisted of right and what does

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it require 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and innovation is allowing us to sort of move on with that it likewise too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply seeking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or genuine tough kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely 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 job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense viewpoint from an effect point of view on staff members it is definitely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful impact on people’s wellness and lots of other aspects if people aren’t paid uh I’ve always been surprised coming into this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll service for your employees worldwide once again I think is another huge um process once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of services and lowering the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks

anyway we understand 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 easy as possible for everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision 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 definitely be a fascinating job attempting to clean up 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 attempt to look through them and actually see what was going on and sort of try to get back to everybody so proceeding appearance why do companies choose to primary different savings account there are Papaya Global Accounts services out there doing exactly this for particular countries and I have actually worked in a company or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think individuals have actually got so used to we require a new checking 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 think it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a process that requires looking at it needs changing however eventually people are really stuck with what they’re familiar

with best um change is a hard thing we all don’t like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining several savings account but there’s a big quantity of intricacy chooses establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is substantial however I think the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually 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 understand what could nearly be determined to be the next Century approximately there is a lot to monitor and this technique does present several difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I recently made a change to our Business 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 acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Accounts

I find time and time again the employees typically misclassified unknowingly they do not understand the conditions of work or contract and are informed by the customer why it’s optimum primarily to the client why you must be utilized or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions Etc so it’s a huge effect that they never ever understood 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 ten years um Kathy business are securing insurance coverage against misclassification however normally premiums are just covering the expense of legal charges whilst the typical claim assessed against 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 require to read the small print it is not covering the taxes penalty 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 coverage what we are stating 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