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Managing payroll globally is an overwhelming task … Aat Papaya Global…

openly revealed 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 substantial legal costs there exists’s other penalties there’s other expenses behind that as well so the total cost can be extremely 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 wrong is truly just the rules are complicated and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for a number of years now and and still a great deal of unpredictability amongst companies on what it truly suggests and how you deal with it most employers are merely not aware of 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 really proactive as you’re engaging uh workers from a classification perspective fine thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what results can this have on the staff member Papaya Global Report 2019 Pdf especially when it concerns their own tax liabilities social security and advantages for instance jury and clearly the employees the opposite of the coin

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Over the last five or six years …Aat Papaya Global… roles on the company side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone 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 remains 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 somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep different

Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or really really standard there’s no real consistency framework we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say 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 international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included best and what does

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it need to be thought of there’s differing Bank information 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 any place you look ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble super 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to kind of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end process 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 modern-day world puts a high value on well-being and the settlement landscape is becoming progressively detailed. Organizations are constantly introducing new benefits and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn’t have to be the case. In today’s highly sophisticated era, there’s no validation for keeping troublesome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even slight hold-ups can negatively affect workers’ well-being and have far-reaching effects. For that reason, it’s important to focus on accurate and timely payments.

payroll team get um so I’m not sure anyone on this sort of webinar has been told 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 ultimately payroll is such an essential cycle all of us hear about it when it fails everybody 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a great initial step um supplying an end-to-end payroll service for your staff members internationally once again I believe is another huge um procedure once 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 regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyway we understand how how essential 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 everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of try to return to everybody so proceeding appearance why do business select to main different savings account there are Aat Papaya Global organizations out there doing precisely this for particular nations and I’ve worked in an organization or many services doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement 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 functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted 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 sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs changing but ultimately individuals are really stuck with what they’re familiar

with best um modification is a difficult thing all of us don’t like change um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping multiple checking account however there’s a big amount of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is huge however I think the sincere answer is change um individuals have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does present numerous obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so

I just did you changed 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 Global staff members you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Aat Papaya Global

I discover time and time again the workers frequently misclassified unconsciously they do not comprehend the conditions of work or agreement and are told by the client why it’s most advantageous mainly to the client why you need to be employed or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 gone by they have not added to pensions And so on so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance coverage against misclassification however usually premiums are only covering the expense of legal charges whilst the typical claim assessed versus companies relates to to 40 or 50 percent of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it at least so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK