Managing payroll worldwide is a challenging job … Papaya Global Portugal…

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 revealed settlements there’s likewise considerable legal expenses there exists’s other penalties there’s other expenses behind that too so the overall cost can be extremely considerable in the tens of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is really simply the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of uncertainty amongst business on what it really indicates and how you deal with it most companies are simply not aware of the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a category 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 impacts can this have on the employee Papaya Global Turn Off Benefits For Bonus Payroll Run particularly when it pertains to their own tax liabilities social security and benefits for example jury and certainly the workers the other side of the coin

How much revenue does the company make? Papaya Global Portugal

Over the last 5 or six years …Papaya Global Portugal… functions on the company side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently 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 remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really dreary and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep separate

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Making sure precise, efficient, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a tactical property.

due to various policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and services contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems typically result in manual procedures, information silos, and an absence of integration, leading to disparities and inefficiencies. Despite living in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and services to simplify and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international businesses have revealed 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 bad HCM information information entry errors 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 information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be included best and what does

it need to be considered there’s varying 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 data 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 live in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more benefits being organ or being used by services across the world so again you’re just looking to include a growing number of payments to this currently complex landscape so if you kind 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 genuine difficulties or real challenging sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger an organization 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 groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect perspective on employees it is absolutely important 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 have to be done right it has the most significant detrimental effect on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m unsure 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 important cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is an excellent primary step um supplying an end-to-end payroll solution for your employees worldwide once again I think is another big um process once again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate 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 rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyway we know 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m simply I was just gon na state envision 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 talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to return to everybody so carrying on look why do business pick to main different bank accounts there are Papaya Global Portugal organizations out there doing exactly this for specific nations and I’ve worked in an organization or lots of organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and any person 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 quantity that we are I believe lots of factors one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted 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 kind of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually people are extremely stuck with what they’re familiar

with best um change is a tough thing all of us don’t like modification um so I believe it’s just type 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 numerous bank accounts however there’s a huge quantity of complexity opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge but I believe the truthful answer is modification um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Portugal

I find time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the customer why you should be used or engaged 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 far too late years have gone by they haven’t added to pensions And so on so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage against misclassification but usually premiums are only covering the cost of legal costs whilst the typical claim assessed against companies relates 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 read 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 believe 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK

Managing payroll worldwide is an overwhelming job … Papaya Global Portugal…

How much revenue does the company make? Papaya Global Portugal

Over the last five or six years …Papaya Global Portugal… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone 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 rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s extremely really bleak and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that ought to leave his time at the really very 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 Global labor forces end up being a growing number of common and managing them ends up being increasingly more intricate Worldwide companies are aiming to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint many organizations keep separate savings account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve separate savings account in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies improve the episode complex processes of

Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to enhance working capital, and find how streamlining worldwide payroll payments can change them from a burdensome job into a strategic property.

due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing disparities and ineffectiveness. Despite living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and services to streamline and enhance international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on international payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have actually revealed that they don’t 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 bad HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the wrong place the average cost of a global data 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 smoothly if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be consisted of best and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high value on wellness and the settlement landscape is becoming increasingly intricate. Organizations are continually presenting brand-new benefits and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated period, there’s no reason for keeping cumbersome treatments. Payroll, the company’s most significant cost, should be processed correctly and on time. Even slight delays can negatively affect workers’ wellness and have significant effects. Therefore, it’s important to prioritize precise and timely payments.

The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just discover when things fail. Nevertheless, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments first payroll payment service is an excellent initial step towards offering a detailed payroll option for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and savings account necessary for worldwide payroll are crucial factors in accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Eventually, we don’t do it for the gratitude.

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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job 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 require days of the week to attempt to check out them and really see what was going on and sort of try to get back to everyone so carrying on look why do business pick to main different bank accounts there are Papaya Global Portugal companies out there doing precisely this for particular nations and I have actually operated in a business or numerous companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking 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 standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering however ultimately individuals are extremely stuck to what they’re familiar

with ideal um modification is a hard thing we all do not like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping several bank accounts but there’s a substantial amount of intricacy opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is huge but I believe the sincere response is change um individuals haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to track and this method does present numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Portugal

I find time and time again the employees typically misclassified unwittingly they don’t understand the conditions of work or contract and are told by the client why it’s optimum mainly to the client why you must 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 advantages of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions Etc so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance coverage against misclassification however usually premiums are only 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 exists any point in getting 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 think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK