Managing payroll worldwide is an overwhelming task … Papaya Global Copm…

How much revenue does the company make? Papaya Global Copm

Over the last 5 or six years …Papaya Global Copm… functions on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 drizzling here it’s really really dreary and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap and that ought to leave his time at the very very 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 typical and handling them ends up being more and more complicated International companies are aiming to discover Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment perspective lots of companies maintain separate checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep different bank accounts in some cases in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of

making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s often a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely very basic there’s no real consistency structure we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international businesses have expressed that they don’t 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 mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the required numerous 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 obstacles service face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included best and what does

it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more essential to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so again you’re just looking to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I think yeah I indicate 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 functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an impact point of view on staff members it is definitely vital 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 have to be done right it has the greatest damaging impact on people’s well-being and many other factors if people aren’t paid uh I have actually constantly been impressed entering this Market type 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 informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your workers worldwide again I think is another huge um procedure once again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and bank accounts they require for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state imagine 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 speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh absolutely 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 browse them and actually see what was going on and sort of shot to get back to everybody so moving on look why do business choose to primary different bank accounts there are Papaya Global Copm companies out there doing precisely this for particular nations and I’ve operated in a business or lots of businesses doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not need to and anyone 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 numerous factors one is it’s the standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it requires altering but eventually individuals are really stuck with what they’re familiar

with ideal um change is a difficult thing all of us do not like change um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining numerous bank accounts but there’s a substantial quantity of intricacy goes with setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is huge but I think the sincere answer is modification um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to track and this method does position several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles 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 office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Copm

I discover time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of employment or contract and are told by the client why it’s most advantageous generally to the customer why you need to be utilized or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 passed they have not added to pensions And so on so it’s a huge impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification however typically premiums are just covering the expense of legal costs whilst the average claim assessed against companies equates to to 40 or half of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it at least 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 stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK

Managing payroll internationally is a challenging task … Papaya Global.Copm…

openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s likewise substantial legal costs there exists’s other charges there’s other costs behind that as well so the overall expense can be extremely substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is truly just the rules are complicated and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a great deal of uncertainty among companies on what it truly implies and how you handle it most employers are simply not aware of 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 very 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 impacts can this have on the worker Papaya Global No Employee History particularly when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the employees the other side of the coin

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

Over the last five or six years …Papaya Global.Copm… roles on the provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather 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 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 uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain separate

Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and timely payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a troublesome task into a strategic property.

due to various policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations adds to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems often lead to manual processes, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to offer insights and options to streamline and optimize international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on international payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually expressed that they do not 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 data information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and state what is it what does not require to be included best 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 country 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 any place you look right eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and innovation is allowing us to sort of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on wellness and the compensation landscape is becoming significantly detailed. Companies are continually introducing brand-new benefits and payment options, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technically sophisticated age, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest expenditure, need to be processed properly and on time. Even slight delays can adversely affect staff members’ wellness and have far-reaching effects. Therefore, it’s crucial to prioritize precise and prompt payments.

payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody 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 stuff is absolutely important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll option for your workers internationally once again I think is another huge um process once again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and savings account they require for their International payroll too couldn’t 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 do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not believe any of us are really 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many 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 think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and kind of shot to return to everyone so moving on look why do business pick to primary different bank accounts there are Papaya Global.Copm businesses out there doing precisely this for specific countries and I’ve operated in an organization or numerous businesses doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not have 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 quantity that we are I think many reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes 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 individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck to what they recognize

with ideal um modification is a tough thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping several checking account but there’s a substantial quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is substantial however I think the honest response is change um people haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does position a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety 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 acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global.Copm

I discover time and time again the workers typically misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous primarily to the client why you must be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker 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 gone by they have not added to pensions And so on so it’s a big impact that they never ever knew they were walking 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 business are getting insurance coverage against misclassification but generally premiums are only covering the cost of legal fees whilst the typical claim assessed versus companies equates to to 40 or 50 percent of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest in most cases 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK