Managing payroll internationally is a daunting task … Does Papaya Global Payroll Do Direct Deposit…

How much revenue does the company make? Does Papaya Global Payroll Do Direct Deposit

Over the last five or 6 years …Does Papaya Global Payroll Do Direct Deposit… functions on the provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone 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 raining here it’s really very gloomy and I wish I was elsewhere 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 difficulty years of managing Global payroll why business maintain different

Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can change them from a burdensome job into a tactical property.

due to different guidelines, compliance requirements, data security concerns, 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 workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems typically lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. Regardless of residing in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and solutions to simplify and optimize international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included right and what does

it require to be thought of there’s varying Bank information 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 have 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 right eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if but some children 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 recognition that payroll payments are absolutely fundamental and technology is allowing us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say 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 profession would they divide 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 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

The modern world positions a high value on wellness and the compensation landscape is becoming progressively complex. Services are constantly introducing new benefits and payment choices, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today’s technically innovative era, there’s no validation for maintaining troublesome procedures. Payroll, the business’s most significant expense, must be processed correctly and on time. Even small hold-ups can negatively affect employees’ well-being and have far-reaching repercussions. Therefore, it’s important to prioritize accurate and timely payments.

payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been told 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 employees or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong 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 stuff is definitely vital that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll service for your workers globally once again I think is another huge um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and savings account they need for their Global 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyway we know 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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na say envision 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 think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t envision 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 sort of shot to return to everybody so proceeding appearance why do companies pick to primary separate bank accounts there are Does Papaya Global Payroll Do Direct Deposit organizations out there doing exactly this for particular countries and I have actually worked in a service or many services doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and any person that’s handling 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 amount that we are I believe lots of factors one is it’s the standard I believe people have actually got so used to we require a new savings account we open an entity and rightly 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 the people have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately people are really stuck to what they recognize

with ideal um modification is a challenging thing we all do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving numerous savings account but there’s a huge amount of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial however I believe the truthful response is change um people have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this technique does pose a number of challenges um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so

I 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 feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Does Papaya Global Payroll Do Direct Deposit

I discover time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of work or agreement and are informed by the client why it’s optimum generally to the customer why you need to be used or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee 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 And so on so it’s a big effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance against misclassification however typically premiums are just covering the expense of legal costs whilst the typical claim assessed versus employers equates to to 40 or half of the base pay of worker is there 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 charge and interest in many cases I have not 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 stating 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

Handling payroll internationally is a complicated job … Does Papaya Global Payroll Do Direct Deposit…

How much revenue does the company make? Does Papaya Global Payroll Do Direct Deposit

Over the last 5 or six years …Does Papaya Global Payroll Do Direct Deposit… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really bleak and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep separate

Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance information security and banking rules then there are the large numbers they add further intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 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 model there’s often a frustrating variety of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very basic there’s no genuine consistency framework we’re living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary numerous 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 challenges service face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does

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 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 anywhere you look best ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 enabling us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high value on wellness and the settlement landscape is ending up being progressively complex. Organizations are continuously introducing new advantages and payment options, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically sophisticated era, there’s no reason for preserving troublesome procedures. Payroll, the company’s greatest expense, need to be processed properly and on time. Even small hold-ups can adversely impact employees’ wellness and have far-reaching consequences. Therefore, it’s vital to focus on precise and prompt payments.

payroll team get um so I’m unsure anyone on this type 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 ultimately payroll is such an important cycle all of us become aware of 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 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 things is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your workers worldwide once again I think is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand how how important 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely 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 look through them and in fact see what was going on and kind of shot to get back to everybody so moving on look why do business pick to primary different bank accounts there are Does Papaya Global Payroll Do Direct Deposit services out there doing precisely this for specific countries and I have actually worked in an organization or lots of services doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and any person that’s handling 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 quantity that we are I think many factors one is it’s the requirement I think individuals have got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to kind 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 but ultimately people are very stuck with what they’re familiar

with ideal um change is a difficult thing we all don’t like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping several savings account but there’s a huge quantity of intricacy chooses setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big but I think the truthful answer is modification um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this technique does pose several challenges um so Johnny could you inform us about those obstacles yeah obviously 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 feels like our CFO has acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Does Papaya Global Payroll Do Direct Deposit

I find time and time again the workers often misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s optimum generally to the customer why you need to be utilized or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification however normally premiums are only covering the expense of legal fees whilst the average claim assessed versus companies relates to to 40 or 50 percent of the base salary of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out 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 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 coverage on the basis of the fact that you were not in compliance with laws um in the UK