Papaya Global Update – 2021 2024 – Get Started

Managing payroll globally is an overwhelming job … Papaya Global Update – 2021…

publicly 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 considerable legal expenses there exists’s other charges there’s other costs behind that too so the total cost can be very significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason that business are getting it so wrong is actually simply the rules are intricate and they’re altering all the time think ir-35 in the UK which has actually been a continuous development for numerous years now and and still a great deal of uncertainty among business on what it actually implies and how you handle it most employers are merely not aware of 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 extremely proactive as you’re engaging uh employees from a category perspective okay thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the staff member Papaya Global Module particularly when it comes to their own tax liabilities social security and advantages for example jury and clearly the workers the other side of the coin

How much revenue does the company make? Papaya Global Update – 2021

Over the last five or 6 years …Papaya Global Update – 2021… functions on the service provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so 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 really 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 really extremely gloomy and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely 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 strategic property so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the international Workforce 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 services and growing all doing their own thing all over the world in the traditional payroll model there’s often a frustrating number of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very extremely standard there’s no real consistency structure 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 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 businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international 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 poor HCM data data 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 wrong place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a great concern I constantly toss this back and say what is it what does not need to be included right and what does

it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 intricacy wherever you look right ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling 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 Details varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the

The contemporary world places a high worth on well-being and the payment landscape is becoming progressively complex. Companies are continuously introducing brand-new benefits and payment options, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly innovative era, there’s no justification for keeping cumbersome procedures. Payroll, the company’s greatest expenditure, need to be processed properly and on time. Even small hold-ups can adversely impact workers’ wellness and have significant effects. Therefore, it’s crucial to focus on accurate and timely payments.

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is an excellent preliminary step towards offering a comprehensive payroll option for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and savings account required for international payroll are crucial factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Ultimately, we don’t do it for the gratitude.

anyway we know how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and type of try to get back to everybody so proceeding look why do companies select to main different checking account there are Papaya Global Update – 2021 services out there doing exactly this for particular nations and I have actually worked in an organization or numerous organizations doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and any person that’s managing 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 believe lots of factors one is it’s the standard I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm 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 many other ways um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately people are really stuck with what they recognize

with right um change is a tough thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving numerous bank accounts but there’s a substantial 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 complexity is huge but I believe the sincere response is modification um people haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this method does pose numerous obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Update – 2021

I find time and time again the workers typically misclassified unconsciously they don’t understand the conditions of employment or agreement and are told by the customer why it’s most advantageous generally to the customer why you need to be employed or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected 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 And so on so it’s a huge impact 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 10 years um Kathy companies are securing insurance coverage versus misclassification but normally premiums are just covering the cost of legal charges whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of 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 protection on the basis of the fact that you were not in compliance with laws um in the UK

Papaya Global Update 2021 2024 – Get Started

Handling payroll globally is a complicated job … Papaya Global Update 2021…

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 announced settlements there’s also significant legal expenses there exists’s other charges there’s other costs behind that too so the overall cost can be really substantial in the tens of countless dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is truly simply the guidelines are intricate and they’re changing all the time think ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a great deal of uncertainty among companies on what it really suggests and how you deal with it most companies are merely not knowledgeable about the rules 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 classification 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 worker No Rti Papaya Global particularly when it comes to their own tax liabilities social security and benefits for instance jury and certainly the workers the opposite of the coin

How much revenue does the company make? Papaya Global Update 2021

Over the last five or six years …Papaya Global Update 2021… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting 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 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 raining here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also go over a recap and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them becomes more and more complex Global companies are looking to find Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment standpoint lots of organizations maintain different checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve different checking account in some cases in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex processes of

making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include additional intricacy the global Labor force is presently 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 consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really very fundamental there’s no real consistency structure 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 often with pen and paper which just blows my mind each time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be consisted of best and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to sort of progress with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of important to add to sort of the level of intricacy there’s more and more advantages being organ or being used by services across the world so again you’re simply looking to add a growing number of payments to this currently complicated 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 genuine obstacles or real tough sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details 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 necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not 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 why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an impact perspective on employees it is definitely important 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 greatest destructive impact on people’s well-being and many other factors if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us become aware of it when it fails 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 consider 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 very first Global Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll solution for your staff members internationally again I think is another big um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and decreasing the number 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 terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t 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 quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks

anyway we understand how how crucial a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job 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 attempt to check out them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do business choose to main separate checking account there are Papaya Global Update 2021 organizations out there doing precisely this for specific countries and I have actually 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 purposely doing that we’re not producing extra work for anybody 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 think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think people have got so used to we require a new checking 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 think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing however ultimately individuals are very stuck to what they recognize

with best um modification is a hard thing all of us do not like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining numerous bank accounts but there’s a big quantity of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is substantial but I think the sincere response is change um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck 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 real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to track and this technique does pose several difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so

I just 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 acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Update 2021

I discover time and time again the employees frequently misclassified unconsciously they do not understand the conditions of work or contract and are informed by the client why it’s optimum generally to the client why you should be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t added to pensions Etc so it’s a huge impact that they never ever knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can return 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 costs whilst the typical claim examined against employers corresponds 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 have not seen it at least so uh the the other area 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 stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK