P32 Papaya Global 2024 – Get Started

Handling payroll worldwide is a challenging job … P32 Papaya Global…

publicly revealed 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 also significant legal expenses there exists’s other charges there’s other expenses behind that as well so the overall cost can be very substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is actually simply the guidelines are complex and they’re altering all the time think ir-35 in the UK which has actually been an ongoing development for numerous years now and and still a great deal of uncertainty among companies on what it truly indicates and how you handle it most employers are merely not aware of the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category perspective alright thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee Papaya Global Support Structure specifically when it pertains to their own tax liabilities social security and advantages for instance jury and obviously the employees the opposite of the coin

How much revenue does the company make? P32 Papaya Global

Over the last 5 or six years …P32 Papaya Global… roles on the company side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating 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 certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also go over a recap which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them ends up being a growing number of complex Global companies are wanting to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment perspective many organizations maintain separate bank account just for payroll while some have multiple accounts in different countries does it make sense for business to preserve different savings account in some cases in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies improve the episode complex procedures of

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the global Workforce is currently three and a half billion people by 2030 it’s approximated 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 organizations and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really very basic there’s no genuine consistency framework 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 frequently with pen and paper and that simply blows my mind every time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included best and what does

it require 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 time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market 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 but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of important to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by services across the world so again you’re just seeking to include a growing number of payments to this already intricate landscape so if you kind 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 genuine difficulties or real challenging type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost perspective from an effect perspective on employees it is absolutely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging result on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve always been amazed entering into this Market sort of the last 5 to ten years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. Therefore, it is vital to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first Global Payments first payroll payment service is a great preliminary step towards offering a comprehensive payroll service for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account essential for international payroll are essential factors in achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the gratitude.

anyhow we know how how essential 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 everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that lots of 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 job attempting to clean 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 look through them and really see what was going on and kind of try to get back to everybody so proceeding appearance why do business pick to primary different checking account there are P32 Papaya Global services out there doing exactly this for particular countries and I’ve worked in a business or numerous organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anybody 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 believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think individuals have got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however 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 adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering however eventually people are very stuck with what they recognize

with ideal um change is a difficult thing we all don’t like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping multiple savings account but there’s a huge quantity of complexity opts for setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is huge however I believe the truthful answer is change um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve always 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 might practically be figured out to be the next Century approximately there is a lot to keep track of and this method does pose numerous challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. P32 Papaya Global

I find time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the client why it’s optimum generally to the client why you ought to be employed or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected and several 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 contributed to pensions And so on so it’s a huge effect that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance coverage against misclassification however generally premiums are just covering the expense of legal charges whilst the average claim evaluated versus employers equates to to 40 or half of the base salary of employee is there any point in securing insurance 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 most of the times I haven’t seen it a minimum of so uh the the other area 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK