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Managing payroll worldwide is a daunting task … Poster Elite Papaya Global…

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 announced settlements there’s also significant legal costs there’s there’s other charges there’s other expenses behind that also so the overall expense can be very substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so incorrect is actually simply the rules are intricate and they’re altering all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a lot of unpredictability amongst companies on what it truly indicates and how you deal with it most companies are simply not knowledgeable about the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a category point of view all right thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member Papaya Global Training Manchester specifically when it comes to their own tax liabilities social security and advantages for instance jury and undoubtedly the workers the opposite of the coin

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Over the last five or six years …Poster Elite Papaya Global… roles on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody 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 drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain different

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a burdensome job into a strategic possession.

due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems often lead to manual processes, data silos, and a lack of integration, leading to disparities and inefficiencies. In spite of living in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and services to streamline and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything 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 as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be included right and what does

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it require to be considered 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 complexity anywhere you look best eventually constructing a knowledge base is absolutely important 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to type of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I’m always surprised when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more crucial to contribute to type of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re simply wanting to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an impact viewpoint on employees it is definitely critical 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 need to be done right it has the biggest detrimental effect on people’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market type of the last 5 to ten years is how little thanks the

payroll group get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong 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 also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first International Payments very first payroll payment option is an excellent initial step um offering an end-to-end payroll solution for your staff members worldwide once again I believe is another substantial um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and bank accounts they need for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks

anyhow we understand how how crucial a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to get back to everyone so proceeding appearance why do companies pick to main different savings account there are Poster Elite Papaya Global companies out there doing precisely this for specific countries and I’ve operated in a company or many businesses doing exactly that I can state it does not always feel efficient 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 do not need to and any person that’s handling 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 quantity that we are I believe numerous reasons one is it’s the standard I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering however ultimately people are very stuck with what they recognize

with ideal um change is a challenging thing all of us don’t like modification um so I think it’s just 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 understand certainly the advantages of having maintaining several savings account but there’s a huge 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 ideal user accesses for individual people so the complexity is huge but I believe the sincere response is change um people haven’t 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 understanding you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to track and this technique does posture several obstacles um so Johnny might you inform us about those challenges 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 manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Poster Elite Papaya Global

I find time and time again the workers often misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous generally to the customer why you should be used or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions Etc so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are getting insurance coverage versus misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim examined versus companies equates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK