Papaya Global Update July 2019 2024 – Get Started

Managing payroll worldwide is a difficult job … Papaya Global Update July 2019…

How much revenue does the company make? Papaya Global Update July 2019

Over the last five or 6 years …Papaya Global Update July 2019… functions on the provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually 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 raining here it’s extremely very gloomy and I wish I was somewhere else 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 obstacle years of managing International payroll why business keep different

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they add more intricacy the global Labor force 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely extremely fundamental there’s no genuine consistency framework we’re residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have expressed 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 due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the required numerous 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 difficulties business face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be included best 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 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 have to pay from the client’s own in-country account so there’s complexity wherever you look right ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely essential and technology is permitting us to sort of progress with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m constantly impressed when people say I have actually divided 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 computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by services across the world so again you’re simply seeking to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or real difficult type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any service has from a cost point of view from an effect point of view on staff members it is absolutely vital 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 greatest damaging result on people’s wellness and many other elements if individuals aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last five to 10 years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just discover when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. Therefore, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments very first payroll payment option is a fantastic preliminary action towards providing a detailed payroll option for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account essential for worldwide payroll are crucial factors in attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.

anyway we understand how how important 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 easy as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean 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 browse them and in fact see what was going on and kind of try to return to everyone so moving on appearance why do companies choose to primary different savings account there are Papaya Global Update July 2019 businesses out there doing exactly this for specific nations and I have actually operated in an organization or numerous organizations doing exactly that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not have to and anybody that’s managing that procedure 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 believe many reasons one is it’s the standard I think individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it requires changing however ultimately individuals are extremely stuck with what they’re familiar

with ideal um change is a hard thing we all don’t like modification um so I believe it’s simply type of moving away 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 however there’s a big quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is substantial however I believe the truthful answer is change um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does position numerous obstacles um so Johnny might you inform 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 manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Update July 2019

I find time and time again the employees frequently misclassified unknowingly they don’t understand the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you ought to be used or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee 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 actually passed they have not added to pensions Etc so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are getting insurance coverage versus misclassification but normally premiums are only covering the expense of legal charges whilst the average claim evaluated against companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in getting 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 in most 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 rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK