Handling payroll worldwide is an overwhelming task … Papaya Global Greece…

openly 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 also substantial legal expenses there exists’s other penalties there’s other costs behind that as well so the overall cost can be really significant in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is actually just the rules are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of unpredictability among business on what it actually suggests and how you handle it most companies are simply not familiar with the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh workers from a category viewpoint fine thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the employee Which Payroll Is Cheaper Than Papaya Global particularly when it comes to their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the other side of the coin

How much revenue does the company make? Papaya Global Greece

Over the last 5 or six years …Papaya Global Greece… functions on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly 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 really bleak and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them ends up being a growing number of complicated International organizations are wanting to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment viewpoint numerous organizations preserve different savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to keep different checking account in some cases in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies simplify the episode complex processes of

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the global Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 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 globe in the standard payroll design there’s frequently a frustrating number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or very very fundamental there’s no genuine consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide businesses have actually revealed 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 bad HCM data information entry errors badly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be consisted of best and what does

it need to be considered 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely essential and innovation is permitting us to sort of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 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 process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses across the world so again you’re simply seeking to include more and more payments to this currently complicated 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 challenges or genuine challenging sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly state that the bigger a business 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 handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on workers it is absolutely vital 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 most significant damaging impact on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been surprised entering into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this kind of webinar has actually been informed 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 but ultimately payroll is such a crucial cycle we all 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 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 vital that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great first step um offering an end-to-end payroll solution for your staff members internationally once again I believe is another huge um process again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and checking 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks

anyway we understand how how important a role 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 involved in those procedures and likewise so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous 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 but it would certainly be an intriguing job attempting to clean up 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 require days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everybody so proceeding appearance why do business select to main different bank accounts there are Papaya Global Greece businesses out there doing exactly this for particular countries and I’ve worked in a company or lots of businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not need to and any person that’s managing that process 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 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 number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires changing however eventually people are very stuck to what they recognize

with best um change is a difficult thing all of us do not like change um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining multiple checking account however there’s a substantial quantity of complexity opts for establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the intricacy is huge but I think the truthful response is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think 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 always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to track and this approach does pose several challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I recently made a change to our Enterprise 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 actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Greece

I discover time and time again the employees often misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the client why it’s optimum generally to the customer why you should be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee 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 gone by they haven’t added to pensions Etc so it’s a big 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 go back as much as ten years um Kathy business are securing insurance coverage against misclassification however generally premiums are only covering the cost of legal fees whilst the average claim assessed versus employers corresponds to to 40 or 50 percent of the base pay of employee exists 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 charge and interest in many cases I have not 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 stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK

Managing payroll worldwide is a challenging task … Papaya Global Greece…

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 also significant legal expenses there’s there’s other charges there’s other expenses behind that as well so the total expense can be really significant 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 truly just the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for a number of years now and and still a lot of uncertainty amongst companies on what it truly means and how you handle it most companies are merely not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a category point of view fine thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the worker Where Do You Get The Checks For Payroll Papaya Global especially when it comes to their own tax liabilities social security and advantages for example jury and certainly the employees the other side of the coin

How much revenue does the company make? Papaya Global Greece

Over the last five or 6 years …Papaya Global Greece… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone 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 raining here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain different

Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a difficult job into a tactical possession.

due to different guidelines, compliance requirements, information security concerns, and banking rules. The large variety of workers and companies contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems typically lead to manual procedures, data silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite living in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and optimize global payroll payments.

about it to offer you an idea 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 sleep deprived nights and rather honestly the more a business invests in international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of best and what does

it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 anywhere you look best eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 allowing us to type of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly 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 work in the payroll profession 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 individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of important to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being provided by businesses across the world so once again you’re simply aiming to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or real challenging sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always need 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 just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately 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 employees it is definitely vital that it’s done correctly 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 biggest harmful impact on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this sort of webinar has actually been informed 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 workers or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 things is absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll option for your staff members worldwide again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of services and lowering the variety of tools platforms and checking account they require for their Global 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyway 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean 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 require days of the week to attempt to check out them and really see what was going on and sort of try to return to everyone so proceeding look why do companies select to primary different savings account there are Papaya Global Greece services out there doing exactly this for particular countries and I have actually worked in an organization or lots of businesses doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and anybody that’s dealing with 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 amount that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look 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 procedure that needs looking at it needs altering however ultimately people are really stuck with what they’re familiar

with ideal um change is a hard thing all of us don’t like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping multiple bank accounts but there’s a big amount of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is substantial but I think the honest answer is change um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this technique does posture numerous difficulties 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Greece

I find time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the client why it’s most advantageous primarily to the client why you must be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee 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 haven’t contributed to pensions And so on so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are taking out insurance against misclassification however usually premiums are just covering the expense of legal costs whilst the typical claim assessed against companies relates to to 40 or half of the base pay of employee is there any point in securing 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 charge and interest for the most part I have not seen it at least so uh the the other area that I do believe if you managed to get the coverage 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