Managing payroll worldwide is a complicated job … Papaya Global Solutions Inc…

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 revealed settlements there’s likewise significant legal expenses there’s there’s other charges there’s other costs behind that as well so the total cost can be extremely considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is really just the guidelines are intricate and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a great deal of unpredictability among business on what it actually indicates and how you deal with it most companies are just not familiar with the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category point of view okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the worker How Do I Fix Papaya Global Payroll especially when it concerns 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 Solutions Inc

Over the last 5 or 6 years …Papaya Global Solutions Inc… functions on the supplier side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly 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 very 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 looking at the difficulty years of handling Worldwide payroll why companies keep different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a wrap-up and that must leave his time at the really extremely 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 Worldwide workforces end up being increasingly more typical and handling them becomes increasingly more complicated Global organizations are seeking to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment standpoint numerous organizations keep separate checking account just for payroll while some have several accounts in various nations does it make sense for business to keep different checking account sometimes in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies simplify the episode complex processes of

Making sure precise, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a burdensome job into a tactical possession.

due to various policies, compliance requirements, information security concerns, and banking rules. The sheer number of employees and services contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems often lead to manual processes, data silos, and a lack of integration, leading to disparities and inadequacies. In spite of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and options to simplify and optimize worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global 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 due to time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of right and what does

https://www.youtube.com/watch?v=K0xho7hqVN4&pp=ygUNcGFwYXlhIGdsb2JhbA%3D%3D

it require to be considered there’s varying 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is definitely critical however all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high worth on well-being and the compensation landscape is ending up being progressively detailed. Services are continuously presenting brand-new advantages and payment choices, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s highly innovative era, there’s no justification for keeping troublesome procedures. Payroll, the business’s most significant expense, should be processed properly and on time. Even small hold-ups can adversely impact staff members’ well-being and have far-reaching repercussions. Therefore, it’s critical to prioritize precise and prompt payments.

The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first Global Payments first payroll payment solution is a terrific preliminary step towards supplying a thorough payroll service for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account required for worldwide payroll are crucial consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we know 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 simple as possible for everybody that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to get back to everyone so moving on look why do business choose to primary different bank accounts there are Papaya Global Solutions Inc companies out there doing precisely this for specific countries and I have actually worked in an organization or lots of services doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and anyone that’s managing 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 think many factors one is it’s the standard I think people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require 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 standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a process that requires looking at it needs altering but ultimately individuals are really stuck to what they’re familiar

with best um change is a hard thing we all don’t like change um so I think it’s simply 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 comprehend undoubtedly the benefits of having keeping multiple checking account but there’s a substantial quantity of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial however I think the sincere response is modification um people have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions besides 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 element of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this technique does position numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Solutions Inc

I discover time and time again the workers typically misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the client why you must be employed or participated in this style the employee may 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 actually passed they haven’t contributed to pensions And so on so it’s a big impact that they never ever knew they were walking into you could not agree with you more if you say 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 cost of legal charges whilst the typical claim evaluated versus employers corresponds to to 40 or 50 percent of the base salary of worker is there any point in securing 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 in many 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 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 globally is a complicated task … Papaya Global Solutions Inc….

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 significant legal expenses there’s there’s other charges there’s other costs behind that also so the overall expense can be really considerable in the 10s of countless dollars or more and and those amounts are growing uh the reason companies are getting it so incorrect is actually just the rules are complex and they’re changing all the time think ir-35 in the UK which has been an ongoing advancement for numerous years now and and still a lot of uncertainty amongst business on what it actually indicates and how you handle it most companies are just not familiar with the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a category viewpoint all right thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what results can this have on the worker Switchibg Payroll To Papaya Global specifically when it comes to their own tax liabilities social security and advantages for example jury and certainly the workers the opposite of the coin

How much revenue does the company make? Papaya Global Solutions Inc.

Over the last five or six years …Papaya Global Solutions Inc…. roles on the provider side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really 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 raining here it’s very very bleak and I want I was elsewhere 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 obstacle years of managing International payroll why business maintain separate

Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely 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 checking account how business properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they add further complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated 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 organizations and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely extremely basic there’s no real consistency framework we’re residing in an era of tech however 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 which simply blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely 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 challenges business face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be consisted of right and what does

https://www.youtube.com/watch?v=K0xho7hqVN4&pp=ygUNcGFwYXlhIGdsb2JhbA%3D%3D

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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m always amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high worth on well-being and the payment landscape is becoming progressively complex. Services are continuously introducing new advantages and payment choices, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly sophisticated age, there’s no justification for maintaining cumbersome procedures. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even minor hold-ups can adversely affect workers’ well-being and have significant repercussions. For that reason, it’s critical to focus on accurate and prompt payments.

The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally also. Therefore, it is vital to ensure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first International Payments first payroll payment option is a terrific initial action towards providing a comprehensive payroll service for staff members worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and checking account essential for international payroll are crucial consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as planned. Eventually, we do not do it for the thankfulness.

anyhow we know 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 everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say think of the amount 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 numerous thousands potentially Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task 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 need days of the week to try to look through them and actually see what was going on and sort of try to get back to everybody so moving on look why do business choose to primary different bank accounts there are Papaya Global Solutions Inc. services out there doing exactly this for particular countries and I have actually worked in an organization or numerous services doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard 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 many other ways um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but eventually individuals are really stuck with what they recognize

with right um modification is a challenging thing all of us don’t like change um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping numerous checking account but there’s a huge amount of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is substantial but I think the truthful answer is change um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to monitor and this method does posture numerous difficulties um so Johnny might you tell us about those challenges yeah naturally 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Solutions Inc.

I discover time and time again the workers often misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the customer why it’s optimum mainly to the customer why you must be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions And so on so it’s a big impact that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are getting insurance coverage versus misclassification however generally premiums are just covering the cost of legal charges whilst the average claim assessed against employers relates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it a minimum of 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 denied protection on the basis of the truth that you were not in compliance with laws um in the UK