Managing payroll internationally is a challenging job … Does Papaya Global Payroll File 941…

How much revenue does the company make? Does Papaya Global Payroll File 941

Over the last 5 or six years …Does Papaya Global Payroll File 941… 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 everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly 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 elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve separate

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add further intricacy the international Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there’s often an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very very standard there’s no genuine consistency structure we’re living in a period of tech however payroll has 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 think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does

it need to be thought of there’s differing 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 have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 technology is allowing us to kind of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more essential to add to kind of the level of complexity there’s more and more benefits being organ or being used by services across the world so once again you’re simply aiming to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would certainly say that the larger a service 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 groups feeding details into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an effect point of view on workers it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been impressed 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 anybody on this type of webinar has 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 employees or not um however eventually payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however 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 vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll option for your employees internationally again I think is another big um process again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and checking account they need for their Worldwide 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 don’t anticipate 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 quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks

anyway 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 everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely 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 actually see what was going on and type of try to return to everyone so carrying on look why do companies select to primary separate checking account there are Does Papaya Global Payroll File 941 companies out there doing exactly this for specific countries and I have actually worked in a service or many companies doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and any person that’s handling 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 many reasons one is it’s the standard I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing however eventually people are really stuck to what they’re familiar

with best um modification is a challenging thing we all don’t like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining numerous savings account however there’s a substantial amount of intricacy goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is substantial but I believe the honest answer is modification um people have not had the ability to alter or haven’t had necessarily the understanding 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 knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on 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 present a number of challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety 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 deserve a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll File 941

I find time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of employment or contract and are told by the client why it’s most advantageous generally to the customer why you should be used or taken part in this style 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 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 have not added to pensions And so on so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance coverage against misclassification however generally 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 worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in many cases I have not seen it at least so uh the the other location 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK

Managing payroll worldwide is a complicated task … Does Papaya Global Payroll File 941…

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 likewise significant legal expenses there’s there’s other charges there’s other costs behind that as well so the overall cost can be extremely considerable in the 10s of millions of dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is really simply the guidelines 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 uncertainty among business on what it actually implies and how you handle it most companies are just not aware of the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be very 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 business that suffers in the long run what effects can this have on the worker Https Manage.Papaya Global.Com Floyd-law-pllc Payroll_Admin Company Uploaded_Files specifically when it concerns their own tax liabilities social security and advantages for instance jury and obviously the employees the opposite of the coin

How much revenue does the company make? Does Papaya Global Payroll File 941

Over the last five or six years …Does Papaya Global Payroll File 941… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so 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 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 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 sunlight is it it’s not no it’s it’s raining here it’s very very uninspiring 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 obstacle years of handling Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and handling them becomes increasingly more intricate Worldwide companies are looking to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment perspective lots of organizations keep different checking account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain different checking account sometimes in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex procedures of

making payroll payments properly efficiently firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they include further intricacy the global Labor force is presently 3 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 worldwide in the standard payroll model there’s typically a frustrating variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very very basic there’s no real consistency framework we’re residing in an age of tech but payroll has 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 simply blows my mind whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide companies have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the needed multiple procedures systems and partners it is simply 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 paying to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does

it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they are like extremely payments no if however some infants 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 recognition that payroll payments are absolutely essential and technology is allowing us to type of progress with that it likewise as well to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 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

The modern world places a high value on wellness and the payment landscape is ending up being significantly detailed. Companies are constantly presenting new benefits and payment options, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technologically innovative period, there’s no reason for maintaining troublesome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even small delays can negatively impact staff members’ well-being and have significant effects. For that reason, it’s vital to focus on accurate and prompt payments.

The payroll team might not have been thanked for properly 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 a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally also. For that reason, it is vital to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the very first Global Payments first payroll payment service is a terrific preliminary step towards providing a comprehensive payroll solution for employees worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and bank accounts essential for worldwide payroll are essential factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the appreciation.

anyway we understand how how crucial 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 processes and likewise so think of sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of 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 type of shot to get back to everyone so proceeding appearance why do companies choose to primary separate checking account there are Does Papaya Global Payroll File 941 companies out there doing exactly this for particular countries and I have actually worked in a business or numerous businesses doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it needs changing but eventually people are really stuck with what they recognize

with right um change is a difficult thing we all don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining numerous savings account however there’s a big quantity of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge however I think the honest answer is change um people haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep track of and this approach does pose a number of challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so

I just did you switched 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 staff members you are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Does Papaya Global Payroll File 941

I find time and time again the employees frequently misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the client why it’s most advantageous generally to the client why you need to be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted 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 have not added to pensions And so on so it’s a huge effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance versus misclassification but generally premiums are only covering the cost of legal charges whilst the average claim examined versus companies equates to to 40 or half of the base salary of employee is there any point in taking out 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 charge and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the coverage 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 fact that you were not in compliance with laws um in the UK