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Managing payroll globally is an overwhelming task … Papaya Global Not Working…

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Over the last five or six years …Papaya Global Not Working… functions on the service provider side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is 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 really very bleak and I want 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 handling Global payroll why business preserve different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll also go over a wrap-up and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them ends up being more and more intricate Worldwide companies are seeking to discover Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment viewpoint many organizations preserve separate checking account just for payroll while some have several accounts in various countries does it make good sense for business to maintain separate checking account sometimes in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex processes of

making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they include additional complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 globe in the traditional payroll model there’s frequently an overwhelming number of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or really extremely basic there’s no real consistency structure we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every 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 businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed several processes 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 service face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be included ideal and what does

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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 time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is definitely crucial but all over 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 take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high value on wellness and the compensation landscape is becoming increasingly complex. Companies are continuously presenting new benefits and payment options, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technically sophisticated era, there’s no reason for keeping cumbersome treatments. Payroll, the company’s greatest cost, should be processed properly and on time. Even slight hold-ups can adversely affect workers’ well-being and have far-reaching effects. For that reason, it’s critical to prioritize precise and timely payments.

payroll group get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is an excellent first step um offering an end-to-end payroll option for your workers internationally once again I believe is another substantial um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and decreasing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of 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 expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

anyhow we understand how how crucial a function it is which’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 processes and also so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing 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 held true um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to return to everybody so proceeding appearance why do companies select to main different checking account there are Papaya Global Not Working organizations out there doing exactly this for specific countries and I’ve worked in an organization or many organizations doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for any person where we do not need to and anyone that’s handling 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 amount that we are I think numerous factors one is it’s the standard I think people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes 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 the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked 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 think this is a process that needs taking a look at it needs altering but ultimately individuals are extremely stuck to what they recognize

with ideal um modification is a difficult thing we all don’t like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous bank accounts but there’s a substantial amount of intricacy opts for setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is huge but I think the sincere response is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or so there is a lot to monitor and this method does present several challenges um so Johnny might you tell us about those difficulties 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Not Working

I find time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of employment or contract and are informed by the customer why it’s optimum generally to the customer why you should be used or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions And so on so it’s a big effect that they never ever 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 business are getting insurance against misclassification however normally premiums are just covering the expense of legal charges whilst the average claim evaluated versus employers equates to to 40 or 50 percent of the base salary of worker is there any point in getting insurance 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 penalty and interest in most cases I haven’t seen it at least so uh the the other area that I do think 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 truth that you were not in compliance with laws um in the UK