Handling payroll internationally is a challenging job … Papaya Global Unable To Connect To The Government Gateway…
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Over the last 5 or 6 years …Papaya Global Unable To Connect To The Government Gateway… functions on the 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 everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type 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 kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really uninspiring and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also review 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 recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and managing them becomes a growing number of complex Worldwide organizations are aiming to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective lots of organizations preserve different checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve different savings account often in various countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can transform them from a difficult task into a strategic property.
due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and a lack of combination, leading to inconsistencies and inadequacies. In spite of residing in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and options to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global services 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 errors are due to time reporting bad HCM information information entry errors 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 shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the essential multiple 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 obstacles business 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 doesn’t require to be included 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 timespan 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and innovation is enabling us to type of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to add to type of the level of complexity there’s increasingly more benefits being organ or being used by businesses across the world so once again you’re just seeking to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly say 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 task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know 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 extra handoffs at the same times that we run in they just 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 a period that you know that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost point of view from an impact point of view on employees it is definitely critical 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 have to be done right it has the greatest detrimental impact on people’s well-being and many other elements if people aren’t paid uh I’ve always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually 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 all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout 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 things is definitely essential that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment service is a great primary step um offering an end-to-end payroll option for your employees internationally again I think is another huge um process once again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 grievances where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 everybody that’s associated with those procedures and also so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous 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 but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and in fact see what was going on and kind of try to return to everybody so carrying on look why do companies select to primary different bank accounts there are Papaya Global Unable To Connect To The Government Gateway businesses out there doing precisely this for particular countries and I’ve operated in an organization or lots of companies doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing 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 believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new savings account we open an entity and rightly 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 just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires altering but ultimately individuals are really stuck to what they’re familiar
with best um change is a hard thing we all do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple checking account but there’s a big quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial however I think the sincere response is modification um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this method does posture several difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Unable To Connect To The Government Gateway
I discover time and time again the employees often misclassified unknowingly they don’t understand the conditions of work or contract and are told by the client why it’s optimum generally to the customer why you ought to be utilized or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare 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 too late years have passed they haven’t contributed to pensions And so on so it’s a huge impact 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 business are getting insurance versus misclassification however generally premiums are just covering the expense of legal costs whilst the typical claim evaluated versus companies corresponds to to 40 or half of the base salary of employee is there any point in securing 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 penalty and interest in many cases I haven’t seen it a minimum of 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK