Papaya Global Owner 2024 – Get Started

Handling payroll worldwide is an overwhelming task … Papaya Global Owner…

How much revenue does the company make? Papaya Global Owner

Over the last five or six years …Papaya Global Owner… functions on the service provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine 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 kind of let them do that so it ‘d be rather 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 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 raining here it’s very really gloomy and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and managing them becomes a growing number of intricate Global organizations are aiming to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective many organizations preserve separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain different checking account in some cases in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex processes of

Making sure precise, effective, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can change them from a burdensome task into a strategic property.

due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.

Traditional payroll systems typically lead to manual procedures, data silos, and an absence of combination, causing disparities and inefficiencies. Regardless of living in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to streamline and optimize 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 Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective 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 great question I always throw this back and state what is it what doesn’t require to be included best and what does

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it need to be thought about 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 capabilities 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 wherever you look ideal eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if but some babies 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 acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 typically 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

world we reside in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so once again you’re just seeking to include more and more payments to this already complicated landscape so if you sort 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 real challenges or genuine tough type of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would definitely say that the larger a service 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 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 know long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from an expense point of view from an impact perspective on employees it is definitely critical that it’s done correctly 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 most significant damaging result on people’s well-being and lots of other aspects if people aren’t paid uh I’ve always been astonished entering this Market kind of the last five to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people only see when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally too. Therefore, it is important to ensure that jobs like Wi-Fi Global and other important matters are done correctly. Utilizing the very first International Payments first payroll payment option is a great preliminary step towards supplying a comprehensive payroll service for employees worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account required for global payroll are key consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Eventually, 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 easy as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean up 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 try to check out them and actually see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies choose to main separate bank accounts there are Papaya Global Owner services out there doing exactly this for particular countries and I have actually operated in a company or numerous organizations doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we do not need 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 many reasons one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing but ultimately people are really stuck with what they recognize

with right um change is a hard thing we all do not like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping several savings account however there’s a substantial amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is big however I believe the honest answer is change um people haven’t been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep track of and this method does position several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so

I simply did you switched our Business 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 Global workers you are worthy of 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 Owner

I find time and time again the workers often misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the client why it’s most advantageous generally to the client why you must be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care advantages 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 gone by they have not added to pensions Etc so it’s a huge impact that they never understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance coverage against misclassification however typically premiums are only covering the cost of legal costs whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in securing 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 penalty and interest in most 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK