Handling payroll internationally is a challenging job … Papaya Global Spain…

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 costs there exists’s other penalties there’s other costs behind that too so the overall cost can be really substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is truly simply the rules are complex and they’re changing all the time believe ir-35 in the UK which has been a continuous development for a number of years now and and still a lot of unpredictability among business on what it really suggests and how you handle it most employers are simply not knowledgeable about the guidelines and and act as if the the rules 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 perspective all right thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the staff member Why Isnt Ni Calculating Properly On Papaya Global Cloud especially when it pertains to their own tax liabilities social security and advantages for instance jury and clearly the workers the opposite of the coin

How much revenue does the company make? Papaya Global Spain

Over the last five or 6 years …Papaya Global Spain… roles on the provider side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 comes 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 very gloomy and I wish I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve separate

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset 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 safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most notably regulations compliance information security and banking rules then there are the large numbers they add further complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s often an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or very extremely fundamental there’s no genuine 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 and that just blows my mind each time I I think

about it to provide you an idea 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 quite frankly the more a company spends on international payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the average expense of a global data 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 don’t run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of right and what does

it need to be considered there’s varying Bank information 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 consumer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link 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 technology is enabling us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry 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 data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re simply seeking to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense point of view from an effect point of view on employees it is absolutely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on individuals’s well-being and many other factors if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 absolutely important that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is an excellent primary step um offering an end-to-end payroll solution for your staff members internationally once again I believe is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and bank accounts they need 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how crucial a function 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 easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially 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 absolutely be an interesting task attempting to clean up all those up for sure oh definitely 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 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 bank accounts there are Papaya Global Spain businesses out there doing exactly this for particular nations and I have actually operated in an organization or many services doing precisely that I can say it doesn’t constantly feel effective and it does create 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 any person that’s dealing with 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 quantity that we are I believe numerous reasons one is it’s the requirement I think individuals have got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires altering but eventually people are very stuck with what they recognize

with best um change is a hard thing we all do not like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving multiple checking account however there’s a big amount of complexity goes with establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is substantial however I believe the truthful answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or so there is a lot to track and this method does pose numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so

I just did you changed 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 International employees you should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Spain

I find time and time again the workers often misclassified unwittingly they don’t understand the conditions of work or agreement and are told by the customer why it’s most advantageous mainly to the client why you need to be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t added to pensions Etc so it’s a huge effect that they never understood they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance coverage versus misclassification but typically premiums are only covering the cost of legal fees whilst the typical claim evaluated versus companies relates to to 40 or half of the base salary of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t 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 pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK

Handling payroll worldwide is an overwhelming job … Papaya Global Spain…

How much revenue does the company make? Papaya Global Spain

Over the last 5 or 6 years …Papaya Global Spain… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well among 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 type of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 extremely very uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise go over a recap and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them becomes a growing number of complex Global organizations are seeking to discover Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve different bank account just for payroll while some have several accounts in various nations does it make sense for companies to keep separate checking account often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies streamline the episode complex procedures of

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the global Labor force 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely extremely fundamental there’s no genuine consistency structure we’re living in an age of tech however 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 each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global businesses have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the average cost of an international 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 don’t run smoothly if they rely on the required several 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 difficulties business face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be consisted of right and what does

it need to be considered there’s differing Bank details 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to sort of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of essential to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so again you’re simply aiming to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of years 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 job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it requires 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 employees it is definitely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive result on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been astonished coming into this Market type of the last 5 to ten years is how little thanks the

payroll group get um so I’m not sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 stuff is definitely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent initial step um offering an end-to-end payroll option for your staff members globally again I believe is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and savings account they need 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 had a hundred countless them within a payroll cycle do not expect 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 believe any of us are actually doing that for for the thanks

anyway we understand how how essential a function 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of try to get back to everyone so carrying on look why do companies pick to main different savings account there are Papaya Global Spain businesses out there doing exactly this for particular countries and I’ve operated in a business or many services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think individuals have got so used to we require a new savings account we open an entity and appropriately 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 standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing but ultimately people are really stuck to what they’re familiar

with ideal um change is a difficult thing we all do not like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving several checking account but there’s a huge amount of intricacy goes with setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial but I believe the sincere answer is change um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck 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 reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does present several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range 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 International employees you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Spain

I find time and time again the employees often misclassified unwittingly they do not comprehend the conditions of work or contract and are told by the client why it’s optimum primarily to the client why you should be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions And so on so it’s a huge impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are securing insurance coverage versus misclassification however typically premiums are just covering the expense of legal charges whilst the typical claim assessed versus companies corresponds to to 40 or half of the base salary of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other location that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK