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Managing payroll globally is a daunting task … Papaya Global Update Colour Change…

publicly 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 considerable legal costs there’s there’s other penalties there’s other costs behind that as well so the overall cost can be very significant in the tens of millions of dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is really just the rules are complicated and they’re altering all the time believe ir-35 in the UK which has been an ongoing development for numerous years now and and still a lot of uncertainty amongst business on what it actually suggests and how you deal with it most companies are just not knowledgeable about 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 very proactive as you’re engaging uh workers from a category point of view okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the worker Papaya Global Africa particularly when it concerns their own tax liabilities social security and advantages for instance jury and certainly the workers the opposite of the coin

How much revenue does the company make? Papaya Global Update Colour Change

Over the last 5 or six years …Papaya Global Update Colour Change… functions on the supplier side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 really really uninspiring 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 looking at the obstacle years of handling International payroll why companies maintain different

Virtual payroll accounts are an alternative to conventional bank accounts for handling 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 savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to enhance working capital, and discover how improving international payroll payments can change them from a challenging task into a strategic possession.

due to numerous policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Conventional payroll systems typically result in manual procedures, data silos, and a lack of integration, leading to disparities and inadequacies. In spite of living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a service spends on global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not require to be included best and what does

it require to be considered 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 best ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of progress with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 typically 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the

The modern world puts a high worth on well-being and the settlement landscape is ending up being significantly elaborate. Services are continuously introducing new advantages and payment options, which adds to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this does not need to be the case. In today’s technologically innovative era, there’s no justification for preserving troublesome procedures. Payroll, the business’s most significant expense, need to be processed properly and on time. Even small delays can negatively affect staff members’ well-being and have far-reaching effects. Therefore, it’s critical to prioritize precise and prompt payments.

payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been told 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 workers or not um but ultimately payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 crucial that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll solution for your workers worldwide again I think is another substantial um process again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and bank accounts they need 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’ve never had a hundred thousand of them within a payroll cycle do not expect 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 quite where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks

anyway 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh definitely 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 look through them and really see what was going on and type of try to get back to everybody so proceeding look why do companies pick to main separate savings account there are Papaya Global Update Colour Change businesses out there doing precisely this for particular nations and I have actually operated in a business or many organizations doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe people have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing but eventually individuals are extremely stuck with what they’re familiar

with best um modification is a hard thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining several checking account however there’s a substantial quantity of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big but I believe the truthful response is change um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank 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 change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this technique does present a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update Colour Change

I discover time and time again the workers often misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the client why it’s optimum mainly to the client why you need to be employed or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits 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 far too late years have actually gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance coverage against misclassification but generally premiums are just covering the expense of legal fees whilst the average claim examined versus employers corresponds to to 40 or 50 percent of the base salary of employee exists any point in getting insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area 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 stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK