Papaya Global Process Leaver 2024 – Get Started

Handling payroll internationally is a challenging job … Papaya Global Process Leaver…

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Over the last five or six years …Papaya Global Process Leaver… roles on the supplier side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us 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 already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really 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 drizzling here it’s really very uninspiring and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a recap which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them ends up being a growing number of complex Global organizations are wanting to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective numerous companies preserve different checking account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain different bank accounts often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies simplify the episode complex processes of

making payroll payments properly efficiently safely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Workforce is currently three and a half billion people 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 businesses and growing all doing their own thing around the world in the conventional payroll design there’s typically a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very really basic there’s no genuine consistency structure we’re residing 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 give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international companies have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the necessary 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 obstacles business face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and state 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 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 customer’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 innovation is allowing us to type of progress with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly astonished 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 profession 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 frequently 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more essential to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you kind 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 real difficult sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely say that the bigger a company 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily 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 operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any company has from a cost perspective from an impact perspective on staff members it is definitely 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 need to be done right it has the greatest detrimental effect on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m unsure anyone on this type 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 a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll option for your employees internationally once again I believe is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and bank accounts they need 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 had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks

anyhow we know how how crucial a role 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 everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean up 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 need days of the week to try to check out them and in fact see what was going on and sort of try to return to everyone so carrying on appearance why do business select to main separate savings account there are Papaya Global Process Leaver companies out there doing exactly this for specific nations and I’ve operated in a company or many organizations doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering however eventually people are very stuck with what they recognize

with ideal um change is a tough thing we all don’t like change um so I think it’s just type of moving far 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 multiple checking account however there’s a big amount of intricacy opts for establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is huge but I think the sincere response is change um people have not been able to alter or haven’t had necessarily 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 understanding you understand and there is an element of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this method does present several difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Process Leaver

I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the client why it’s most advantageous primarily to the client why you need to be employed or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages 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 too late years have actually gone by they have not contributed to pensions Etc so it’s a big impact that they never understood they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance coverage versus misclassification however normally premiums are just covering the expense of legal fees whilst the average claim examined versus employers corresponds to to 40 or 50 percent of the base salary of employee 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 most of the times I haven’t seen it at least 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK