Aqif Azizan Papaya Global 2024 – Get Started

Managing payroll worldwide is a complicated task … Aqif Azizan Papaya Global…

openly announced 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 substantial legal expenses there exists’s other penalties there’s other expenses behind that also so the overall cost can be extremely significant in the tens of countless dollars or more and and those amounts are growing uh the reason companies are getting it so incorrect is actually simply the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for numerous years now and and still a great deal of unpredictability among business on what it actually means 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 everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a category point of view all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the staff member How To Undo Lever On Papaya Global particularly when it comes to their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the opposite of the coin

How much revenue does the company make? Aqif Azizan Papaya Global

Over the last 5 or 6 years …Aqif Azizan Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone 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 is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want 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 taking a look at the difficulty years of handling Global payroll why business keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them becomes more and more complex Worldwide companies are seeking to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective many companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep separate checking account often in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex procedures of

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming number of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or extremely very fundamental there’s no real consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of an image they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of right and what does

it need to be thought about there’s varying Bank information 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and innovation is permitting us to type of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly amazed when people say I have actually 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 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 eventually it’s payroll is an end-to-end process 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 wellness being a growing number of important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being provided by services across the world so again you’re simply aiming to include increasingly 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’m sure but have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an effect perspective on workers it is definitely critical that it’s done properly 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 most significant detrimental result on people’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been surprised entering 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 anyone on this sort of webinar has been informed 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 staff members or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent primary step um providing an end-to-end payroll solution for your workers globally once again I think is another huge um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of organizations and decreasing 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 countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we know 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 involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely 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 require days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so proceeding appearance why do business select to main different savings account there are Aqif Azizan Papaya Global organizations out there doing precisely this for specific nations and I’ve operated in a company or numerous services doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think individuals have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs altering however eventually people are very stuck to what they recognize

with right um modification is a tough thing all of us don’t like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping multiple savings account however there’s a big quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the intricacy is big however I believe the honest response is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to track and this approach does posture a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Aqif Azizan Papaya Global

I find time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you need to be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted 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 passed they haven’t contributed to pensions And so on so it’s a huge impact 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 10 years um Kathy companies are getting insurance against misclassification however generally premiums are only covering the cost of legal charges whilst the typical claim assessed against employers relates to to 40 or half of the base salary of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest most of the times 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 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