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Handling payroll worldwide is a daunting task … Can I Have Papaya Global Payroll With Out Papaya Global…

openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also considerable legal expenses there’s there’s other penalties there’s other expenses 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 actually just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a great deal of uncertainty amongst business on what it really indicates and how you handle it most companies are merely not aware of the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category viewpoint okay thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee How To Update Tax Codes On Papaya Global specifically when it concerns their own tax liabilities social security and benefits for instance jury and certainly the workers the opposite of the coin

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Over the last five or six years …Can I Have Papaya Global Payroll With Out Papaya Global… functions on the company side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two 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 intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody 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 really extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different

Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance data security and banking rules then there are the large numbers they add additional complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very very basic there’s no real consistency framework we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which 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 organizations state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of global companies have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of best and what does

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it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to sort of progress with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m always amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more essential to add to type of the level of complexity there’s increasingly more advantages being organ or being offered by businesses across the world so once again you’re simply looking to add a growing number of payments to this already complicated landscape so if you sort 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 genuine challenges or real challenging kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an effect perspective on employees it is definitely critical that it’s done correctly 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 biggest damaging effect on people’s wellness and numerous other elements if people aren’t paid uh I have actually always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this sort of webinar has 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 workers or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a great primary step um providing an end-to-end payroll solution for your staff members internationally once again I think is another big um procedure again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of services and decreasing the number of tools platforms and checking account they need 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’ve never had a hundred countless 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 complaints where things have not gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks

anyhow we understand how how crucial 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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was just gon na say imagine 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 talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely 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 look through them and really see what was going on and sort of try to get back to everybody so moving on look why do companies select to primary separate checking account there are Can I Have Papaya Global Payroll With Out Papaya Global services out there doing exactly this for particular nations and I’ve worked in an organization or numerous companies doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think people have got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but 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 actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are really stuck to what they’re familiar

with right um change is a difficult thing all of us do not like change um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining several checking account however there’s a big amount of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is huge however I think the truthful answer is modification um individuals have not been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this approach does posture several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Can I Have Papaya Global Payroll With Out Papaya Global

I find time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of employment or contract and are told by the client why it’s optimum mainly 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 health care privileges of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are securing insurance versus misclassification but usually premiums are only covering the cost of legal fees whilst the typical claim evaluated versus companies equates to to 40 or half of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest most of the times I haven’t seen it at least so uh the the other area that I do think 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