Papaya Global 28 2024 – Get Started

Handling payroll worldwide is a daunting job … Papaya Global 28…

How much revenue does the company make? Papaya Global 28

Over the last five or 6 years …Papaya Global 28… roles on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a recap which needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being increasingly more intricate International organizations are wanting to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment standpoint lots of organizations maintain separate bank account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate bank accounts in some cases in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex procedures of

making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is currently three and a half billion people 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 consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating variety of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency framework we’re living in a period of tech but payroll has 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 every time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included right and what does

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it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is absolutely important however all over 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 kind 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 essential and innovation is permitting us to kind of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of important to add to type of the level of complexity there’s more and more advantages being organ or being provided by businesses across the world so once again you’re just aiming to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period 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 greatest liability that any company has from a cost viewpoint from an effect viewpoint on staff members it is absolutely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging result on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only see when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally also. For that reason, it is important to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the first Global Payments very first payroll payment option is an excellent initial step towards providing a thorough payroll service for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account essential for worldwide payroll are key consider attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.

anyhow we understand 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially 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 absolutely be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of try to get back to everyone so proceeding look why do business pick to primary different checking account there are Papaya Global 28 businesses out there doing exactly this for particular countries and I have actually operated in a service or lots of companies doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think individuals have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways 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 changing but eventually individuals are really stuck with what they recognize

with ideal um change is a tough thing we all do not like change um so I believe it’s simply sort of moving away from the standard 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 checking account but there’s a substantial quantity of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is big however I believe the truthful response is change um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or two there is a lot to monitor and this technique does pose numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range 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 Global staff members you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 28

I discover time and time again the employees typically misclassified unknowingly they do not understand the conditions of work or agreement and are told by the client why it’s optimum mainly to the client why you ought to be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 actually gone by they have not contributed to pensions And so on so it’s a huge impact that they never understood 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 companies are securing insurance versus misclassification but normally premiums are just covering the cost of legal fees whilst the average claim evaluated against employers relates to to 40 or 50 percent of the base pay 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 small print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK