Handling payroll globally is an overwhelming task … Papaya Global Sierra Leone…

How much revenue does the company make? Papaya Global Sierra Leone

Over the last five or six years …Papaya Global Sierra Leone… functions on the company side and also on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 very really gloomy and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll likewise go over a wrap-up which ought to leave his time at the really very 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 Global workforces end up being more and more common and handling them becomes increasingly more intricate Worldwide organizations are wanting to find Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment viewpoint many organizations maintain separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain different savings account sometimes in various countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies simplify the episode complex procedures of

making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s typically a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or really really standard there’s no real 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 think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in global payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide services have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the needed multiple 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 difficulties organization face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not require to be included right and what does

it require 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly amazed 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 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 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 any place they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more crucial to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so once again you’re just wanting to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or real tough sort of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect viewpoint on workers it is definitely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive effect on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been astonished entering this Market type of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is an excellent initial step um offering an end-to-end payroll service for your workers internationally once again I think is another big um process once again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and checking account they need 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’ve never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks

anyway we know how how crucial 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 everybody that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everyone so carrying on appearance why do companies choose to primary separate bank accounts there are Papaya Global Sierra Leone companies out there doing exactly this for particular nations and I’ve operated in a service or many services doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not have to and anyone that’s managing 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 amount that we are I think numerous factors one is it’s the requirement I think people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe 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 people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering however ultimately individuals are very stuck with what they recognize

with best um change is a hard thing all of us don’t like change um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving several checking account however there’s a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is huge but I think the sincere answer is change um individuals haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep track of and this approach does pose numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety 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 acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Sierra Leone

I find time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum generally to the client why you should be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t contributed to pensions Etc so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance coverage versus misclassification however usually premiums are just covering the cost of legal charges whilst the average claim examined versus employers relates to to 40 or half of the base salary of employee is there any point in getting insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other location 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK

Handling payroll worldwide is a difficult task … Papaya Global Sierra Leone…

How much revenue does the company make? Papaya Global Sierra Leone

Over the last 5 or six years …Papaya Global Sierra Leone… functions on the supplier side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just 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 remains 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 dreary and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain different

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a challenging task into a tactical property.

due to various regulations, compliance requirements, data security concerns, and banking rules. The sheer number of employees and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.

Conventional payroll systems often result in manual procedures, data silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide businesses 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 due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the wrong place the average 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 around the globe payroll and payments don’t run smoothly if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of right and what does

it require to be thought of there’s differing Bank details 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely essential that payroll and financing groups work better together than ever um I’m constantly impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of important to add to sort of the level of intricacy there’s more and more advantages being organ or being used by organizations throughout the world so once again you’re simply seeking to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or real tough kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense viewpoint from an effect point of view on employees it is absolutely important that it’s done properly 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 most significant detrimental effect on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been astonished coming into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem 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 first Global Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll option for your employees globally once again I believe is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of businesses and reducing 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how essential 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 processes and also so imagine sorry I’m just I was just gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and type of shot to return to everybody so proceeding appearance why do companies pick to primary different savings account there are Papaya Global Sierra Leone companies out there doing exactly this for specific nations and I have actually worked in a business or many companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I think people have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering however ultimately individuals are very stuck with what they’re familiar

with best um modification is a challenging thing all of us do not like change um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining multiple bank accounts but there’s a big amount of complexity opts for setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I believe the honest response is modification um individuals haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does position a number of challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so

I just did you changed 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 Worldwide employees you should have a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Sierra Leone

I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s optimum primarily to the customer why you should be employed or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted 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 have not contributed to pensions Etc so it’s a big effect that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage against misclassification but typically premiums are only covering the cost of legal charges whilst the typical claim examined against employers corresponds to to 40 or half of the base pay of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read 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 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 stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK