Managing payroll internationally is a complicated task … Papaya Global & Accounting…

How much revenue does the company make? Papaya Global & Accounting

Over the last five or 6 years …Papaya Global & Accounting… functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating 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 originates from and I really do hope it’s much sunnier than it is 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 extremely extremely dreary and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them ends up being a growing number of intricate Global organizations are seeking to discover Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment standpoint numerous organizations maintain separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate savings account sometimes in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex procedures of

making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they add additional intricacy the global Labor force is currently 3 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 currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s often an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency structure we’re living in an era 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 whenever I I believe

about it to offer you a concept 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 offers me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly communicated 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 wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included ideal and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 anywhere you look best ultimately constructing a knowledge base is definitely 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 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 basic and technology is enabling us to sort of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always astonished 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 operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high worth on wellness and the compensation landscape is becoming progressively elaborate. Companies are continually introducing new benefits and payment alternatives, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically innovative age, there’s no reason for keeping cumbersome treatments. Payroll, the company’s greatest expense, must be processed properly and on time. Even small delays can negatively impact staff members’ well-being and have significant effects. Therefore, it’s important to focus on accurate and prompt payments.

payroll group get um so I’m not sure anyone 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 staff members or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic primary step um offering an end-to-end payroll option for your employees globally once again I think is another substantial um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely key 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 terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks

anyway 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply 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 discussing numerous 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 however it would definitely be an interesting 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 was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of try to return to everyone so proceeding appearance why do business select to main separate bank accounts there are Papaya Global & Accounting services out there doing exactly this for particular nations and I have actually worked in a business or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not have to and anyone 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 think many factors one is it’s the standard I believe people have got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs altering but eventually individuals are really stuck with what they’re familiar

with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping several savings account however there’s a huge amount of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is substantial but I believe the truthful response is modification um people haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I simply did you switched 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 International workers you should have a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global & Accounting

I discover time and time again the workers typically misclassified unwittingly they don’t understand the conditions of work or agreement and are informed by the client why it’s optimum primarily to the customer why you must be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions Etc so it’s a big impact that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification but usually premiums are just covering the expense of legal costs whilst the typical claim assessed against employers relates to to 40 or half of the base pay of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK

Managing payroll internationally is a complicated job … Papaya Global Accounting…

How much revenue does the company make? Papaya Global Accounting

Over the last 5 or six years …Papaya Global Accounting… functions on the company 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 everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so 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 sort of like see where everyone originates from and I really do hope it’s much sunnier than it is 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 really extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and handling them becomes increasingly more complex Worldwide organizations are wanting to find Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment viewpoint lots of companies keep separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate bank accounts in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex procedures of

Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can transform them from a troublesome task into a strategic asset.

due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer number of workers and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems typically result in manual processes, data silos, and a lack of integration, causing disparities and inadequacies. Regardless of living in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to supply insights and services to simplify and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of international organizations 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 mistakes are due to time reporting poor HCM data data entry errors improperly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average cost 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 money all over the world payroll and payments do not run smoothly if they rely on the needed multiple 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 challenges company face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be consisted of best 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 time frames 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 consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely critical but all over 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 take a look at the type 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 absolutely fundamental and innovation is allowing us to type of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed 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 anyone what is payroll who doesn’t 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high worth on well-being and the payment landscape is becoming increasingly detailed. Companies are continuously presenting new benefits and payment options, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today’s highly advanced era, there’s no justification for maintaining troublesome procedures. Payroll, the company’s greatest cost, must be processed correctly and on time. Even slight delays can negatively impact staff members’ wellness and have significant effects. Therefore, it’s important to prioritize precise and timely payments.

payroll group get um so I’m not exactly sure anybody on this type of webinar has actually 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 staff members or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody 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 also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll option for your workers globally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and checking 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to return to everyone so moving on appearance why do companies choose to main separate bank accounts there are Papaya Global Accounting companies out there doing exactly this for specific nations and I’ve operated in a business or many businesses doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and anyone that’s handling 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 believe many factors one is it’s the requirement I believe individuals have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look 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 process that requires taking a look at it needs altering but ultimately people are extremely stuck to what they’re familiar

with right um change is a difficult thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving numerous savings account but there’s a substantial amount of intricacy chooses establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is big but I think the sincere response is change um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does posture several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety 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 workers you deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Accounting

I find time and time again the employees frequently misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the client why it’s most advantageous generally to the customer why you ought to be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities 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 actually passed they have not contributed to pensions And so on so it’s a huge impact that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification however usually premiums are just covering the expense of legal charges whilst the average claim assessed against companies relates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in many cases I have not seen it a minimum of so uh the the other area 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 denied protection on the basis of the truth that you were not in compliance with laws um in the UK