Handling payroll worldwide is a challenging job … Papaya Global Costa Rica…

How much revenue does the company make? Papaya Global Costa Rica

Over the last 5 or 6 years …Papaya Global Costa Rica… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join we all 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 already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 extremely really uninspiring and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll likewise review a wrap-up which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them becomes a growing number of complex Global companies are seeking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment standpoint lots of companies preserve separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate savings account in some cases in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include more complexity the global Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely really standard there’s no real consistency framework we’re living in a period 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 typically with pen and paper which simply blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide companies have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors inadequately interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the necessary multiple procedures 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 difficulties service face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what does not require to be included best and what does

it need to be considered there’s differing 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 basic and innovation is enabling us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals say I’ve divided 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 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 process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

The modern world places a high worth on well-being and the compensation landscape is ending up being increasingly intricate. Organizations are constantly introducing new benefits and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this does not have to hold true. In today’s technically sophisticated age, there’s no reason for preserving troublesome treatments. Payroll, the company’s biggest cost, should be processed correctly and on time. Even slight delays can negatively affect workers’ wellness and have significant effects. For that reason, it’s important to prioritize precise and prompt payments.

payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific first step um offering an end-to-end payroll option for your employees internationally once again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and reducing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we understand how how essential a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply 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 sure we’re discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do companies select to primary different savings account there are Papaya Global Costa Rica services out there doing precisely this for specific countries and I have actually worked in a service or many services doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have 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 methods um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it requires changing however eventually individuals are extremely stuck with what they’re familiar

with right um modification is a difficult thing all of us do not like change um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping multiple savings account but there’s a huge quantity of intricacy opts for establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is substantial however I think the honest response is modification um people haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this approach does present a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Costa Rica

I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the client why it’s optimum mainly to the client why you should be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare 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 actually gone by they haven’t contributed to pensions Etc 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 10 years um Kathy business are getting insurance versus misclassification but generally premiums are just covering the cost of legal charges whilst the average claim assessed against companies corresponds to to 40 or half of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in most 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 saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK

Handling payroll internationally is a daunting task … Papaya Global Costa Rica…

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 also significant legal expenses there exists’s other charges there’s other expenses behind that as well so the overall expense can be very substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is really simply the rules are complicated and they’re changing all the time think ir-35 in the UK which has been an ongoing development for several years now and and still a great deal of uncertainty among companies on what it truly suggests and how you handle it most employers are simply not familiar with the guidelines and and act as if the the rules are the same all over 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 okay thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the worker Https Reviews.Financesonline.Com P Papaya Global User-review especially when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin

How much revenue does the company make? Papaya Global Costa Rica

Over the last five or six years …Papaya Global Costa Rica… roles on the company side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 raining here it’s extremely very bleak and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise go over a wrap-up which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them becomes increasingly more complex Worldwide organizations are seeking to find Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment perspective numerous companies keep separate bank account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain different savings account sometimes in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex procedures of

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very basic there’s no genuine consistency framework we’re living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t require 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 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 complexity any place you look best ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more crucial to add to type of the level of complexity there’s a growing number of benefits being organ or being offered by organizations across the world so again you’re simply looking to include a growing number of payments to this currently complex 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 difficulties or real difficult kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info 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 necessarily require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they simply 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 a period that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from a cost perspective from an effect viewpoint on employees it is absolutely vital 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 need to be done right it has the greatest detrimental effect on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been surprised coming into this Market kind of the last five to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just see when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first International Payments very first payroll payment solution is an excellent initial action towards providing a detailed payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account necessary for worldwide payroll are key consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyway we understand how how crucial 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 simple as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision 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 type of shot to get back to everybody so carrying on look why do companies choose to primary different savings account there are Papaya Global Costa Rica companies out there doing exactly this for specific nations and I’ve operated in an organization or many organizations doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I think people have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add 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 variety I believe this is a process that needs looking at it needs altering however eventually individuals are extremely stuck with what they’re familiar

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 away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining multiple savings account but there’s a huge amount of intricacy goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big but I think the honest answer is change um people haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually always 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 know what could almost be determined to be the next Century or two there is a lot to track and this technique does position several difficulties um so Johnny might you inform us about those challenges yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Costa Rica

I find time and time again the employees frequently misclassified unconsciously they don’t comprehend the conditions of work or contract and are informed by the client why it’s optimum mainly to the customer why you ought to be utilized or participated 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 several 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 Etc so it’s a huge impact that they never understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance coverage versus misclassification however typically premiums are just covering the expense of legal charges whilst the average claim examined versus employers equates to to 40 or half of the base salary of employee exists 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 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 stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK