Handling payroll internationally is a difficult job … Papaya Global (Hk) Limited…

How much revenue does the company make? Papaya Global (Hk) Limited

Over the last five or 6 years …Papaya Global (Hk) Limited… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give 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 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 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 raining here it’s really extremely bleak and I wish I was elsewhere 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 managing International payroll why companies keep different

Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include additional complexity the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s typically an overwhelming variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely standard there’s no genuine consistency framework we’re residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think

about it to provide you a concept 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 offers me sleepless nights and rather honestly the more a business spends on international payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of international organizations have expressed that they do not 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 improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be consisted of best and what does

it require 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 abilities 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 anywhere you look right ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more crucial to add to kind of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so again you’re just aiming to add more and more payments to this currently complicated landscape so if you sort 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 genuine obstacles or real tough kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would absolutely state that the larger a company 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 details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from a cost perspective from an impact viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful result on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll option for your staff members internationally again I believe is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks

anyway we understand how how important a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state envision 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 discussing numerous thousands potentially Millions think of getting that numerous thank you notes um I suggest 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 definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and sort of try to return to everyone so proceeding look why do companies pick to primary separate checking account there are Papaya Global (Hk) Limited organizations out there doing exactly this for specific countries and I’ve worked in a company or lots of companies doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and any person that’s dealing with 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 individuals have got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think 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 people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but eventually individuals are very stuck to what they’re familiar

with best um modification is a difficult thing all of us do not like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping numerous checking account but there’s a substantial quantity of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is huge however I think the truthful answer is change um individuals have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this technique does pose numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global (Hk) Limited

I find time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous primarily to the customer why you need to be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care benefits 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 have not contributed to pensions Etc so it’s a big effect that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance versus misclassification but typically premiums are only covering the cost of legal fees whilst the average claim examined versus companies corresponds to to 40 or half of the base pay of employee exists any point in getting 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 charge and interest for the most part I have not seen it at least so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK

Managing payroll worldwide is a difficult job … Papaya Global Hk Limited…

publicly 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 costs there exists’s other charges there’s other costs behind that too so the total cost can be extremely significant in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so incorrect is really just the rules are intricate and they’re changing all the time believe ir-35 in the UK which has actually been a continuous development for several years now and and still a great deal of uncertainty among companies on what it truly implies and how you deal with it most companies are merely not familiar with the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a classification point of view all right thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee Customized Cultures Cannot Be Passed By Lcid Papaya Global specifically when it pertains to their own tax liabilities social security and advantages for example jury and undoubtedly the workers the opposite of the coin

How much revenue does the company make? Papaya Global Hk Limited

Over the last five or six years …Papaya Global Hk Limited… functions on the provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really 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 raining here it’s extremely very bleak and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve different

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also supply a recap of the bottom lines 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 worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add more complexity the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there’s frequently an overwhelming variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no real consistency framework we’re residing in a period 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 typically with pen and paper and that simply blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of international businesses have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count 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 service face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what does not need to be included ideal and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble very payments no if however some infants 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 essential and innovation is enabling us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by services throughout the world so again you’re simply seeking to include a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or genuine difficult sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense perspective from an effect viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging impact on individuals’s wellness and numerous other aspects if people aren’t paid uh I have actually always been impressed coming into this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a great initial step um providing an end-to-end payroll service for your workers worldwide once again I think is another big um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their International 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 had a hundred thousand of 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 haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks

anyhow we know how how essential a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying 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 require days of the week to try to browse them and in fact see what was going on and sort of try to return to everyone so proceeding look why do business choose to primary separate checking account there are Papaya Global Hk Limited services out there doing precisely this for particular nations and I have actually worked in a service or lots of companies doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have got so used to we need a new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually individuals are really stuck to what they’re familiar

with right um change is a tough thing we all don’t like modification um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping numerous savings account but there’s a substantial quantity of complexity goes with establishing a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is huge but I believe the honest answer is change um people haven’t had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep track of and this method does pose a number of obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Hk Limited

I find time and time again the employees often misclassified unwittingly they don’t comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous 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 healthcare advantages of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a big effect that they never knew 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 companies are securing insurance coverage against misclassification however generally premiums are only covering the cost of legal fees whilst the average claim examined against companies corresponds to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine 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 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 truth that you were not in compliance with laws um in the UK