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Managing payroll globally is an overwhelming task … Papaya Global Login Uk Employer…

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Over the last 5 or 6 years …Papaya Global Login Uk Employer… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains 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 really very bleak and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and find how improving international payroll payments can change them from a difficult task into a strategic asset.

due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Standard payroll systems typically result in manual processes, data silos, and a lack of combination, leading to inconsistencies and inadequacies. In spite of living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and services to streamline and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide organizations have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the required several processes 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 obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included best and what does

it need to be thought of there’s differing 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 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 customer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe 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 also also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I’ve divided 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 estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever 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 essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by services across the world so once again you’re simply seeking to add increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams 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 however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on workers 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 need to be done right it has the biggest harmful impact on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment option is an excellent first step um offering an end-to-end payroll option for your staff members globally again I think is another huge um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and bank accounts they require for their International 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks

anyway 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 everyone that’s involved in those procedures and also so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to get back to everyone so carrying on appearance why do business pick to main separate bank accounts there are Papaya Global Login Uk Employer businesses out there doing precisely this for particular nations and I have actually worked in a business or many services doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we don’t need to and anyone that’s handling 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 quantity that we are I think many reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it requires changing however eventually individuals are really stuck with what they’re familiar

with right um change is a hard thing we all do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining multiple checking account however there’s a substantial amount of intricacy chooses establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the honest answer is change um individuals haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or two there is a lot to keep an eye on and this method does position numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I just recently made a change 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 ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using 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 Login Uk Employer

I find time and time again the workers typically misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the client why it’s most advantageous mainly to the customer why you ought to be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected 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 contributed to pensions And so on so it’s a big effect that they never ever knew they were strolling 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 getting insurance coverage against misclassification however normally premiums are just covering the cost of legal charges whilst the average claim evaluated versus employers relates 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 most of the times 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 saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK