Managing payroll globally is a challenging job … Papaya Global Calendar 2021/22…

How much revenue does the company make? Papaya Global Calendar 2021/22

Over the last five or six years …Papaya Global Calendar 2021/22… roles on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very 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 taking a look at the difficulty years of managing International payroll why business preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise review a wrap-up which must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them ends up being increasingly more intricate Worldwide companies are looking to discover Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment standpoint numerous organizations preserve separate savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to keep different bank accounts sometimes in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies enhance the episode complex procedures of

Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can change them from a difficult task into a tactical asset.

due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, resulting in disparities and inefficiencies. Regardless of living in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and options 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 only 11 of services say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors poorly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included right 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 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 wherever you look best eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if however some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to type of move on with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being provided by companies throughout the world so once again you’re simply seeking to include more and more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we mean 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 damaging result on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I think 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 stuff is definitely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a great initial step um offering an end-to-end payroll solution for your staff members globally once again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and bank accounts they require 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 countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and sort of shot to return to everybody so proceeding look why do business select to primary separate bank accounts there are Papaya Global Calendar 2021/22 organizations out there doing precisely this for specific countries and I’ve operated in a service or many companies doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and any person that’s dealing with that procedure 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 many factors one is it’s the requirement I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it needs altering but ultimately people are very stuck to what they recognize

with ideal um change is a tough thing all of us do not like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping multiple checking account but there’s a huge amount of complexity opts for setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge however I believe the truthful response is change um people haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no real excuse 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 approximately there is a lot to track and this method does position a number of difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so

I simply 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 staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Calendar 2021/22

I discover time and time again the employees often misclassified unknowingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s most advantageous primarily to the customer why you should be utilized or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions And so on so it’s a huge impact that they never ever knew they were walking 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 securing insurance coverage against misclassification but generally premiums are just covering the cost of legal charges whilst the typical claim examined against companies equates to to 40 or 50 percent of the base salary of employee is there 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 for the most part I haven’t seen it at least 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 stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK

Managing payroll worldwide is a challenging task … Papaya Global Calendar 2021 22…

openly 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 likewise significant legal expenses there exists’s other penalties there’s other expenses behind that as well so the overall cost can be very substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is really just the rules are complex and they’re changing all the time believe ir-35 in the UK which has been a continuous advancement for several years now and and still a great deal of uncertainty among business on what it truly means and how you deal with it most companies are merely not familiar with 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 alright thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what impacts can this have on the worker Papaya Global South Africa especially when it pertains to their own tax liabilities social security and benefits for instance jury and undoubtedly the employees the other side of the coin

How much revenue does the company make? Papaya Global Calendar 2021 22

Over the last five or six years …Papaya Global Calendar 2021 22… roles on the company side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate

Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages 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 main points covered and leave time for a Q&A session at the end.

Making sure precise, effective, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to enhance working capital, and find how enhancing global payroll payments can transform them from a difficult task into a tactical possession.

due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Conventional payroll systems often lead to manual procedures, data silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite residing in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and optimize international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the necessary multiple 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 challenges service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of ideal and what does

it need 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 timespan 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is allowing us to type of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more crucial to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by companies throughout the world so again you’re just aiming to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really 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 create extra handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense viewpoint from an impact viewpoint on employees it is definitely important that it’s done properly and on time so what we indicate 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 result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to ten years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. For that reason, it is vital to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first International Payments very first payroll payment solution is a fantastic preliminary action towards offering a comprehensive payroll solution for workers worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account needed for international payroll are essential factors in accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Eventually, we don’t do it for the appreciation.

anyhow we know how how important 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 involved in those procedures and likewise so picture sorry I’m simply I was just 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 certain we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everyone so carrying on look why do companies select to primary separate bank accounts there are Papaya Global Calendar 2021 22 companies out there doing precisely this for particular countries and I’ve worked in an organization or numerous organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and anyone 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs changing however eventually people are extremely stuck to what they recognize

with right um modification is a difficult thing all of us don’t like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping several savings account but there’s a big quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is big however I think the honest answer is change um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two 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 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 Worldwide staff members you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Calendar 2021 22

I discover time and time again the employees typically misclassified unwittingly they do not understand the conditions of work or agreement and are told by the client why it’s most advantageous primarily to the customer why you need to be utilized or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 gone by they have not added to pensions And so on so it’s a big effect that they never ever knew they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance against misclassification however typically premiums are just covering the cost of legal costs whilst the typical claim assessed against employers equates to to 40 or half of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest in most cases I have not 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 stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK