Papaya Global Correct An Employees Pay 2024 – Get Started

Handling payroll globally is a daunting task … Papaya Global Correct An Employees Pay…

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Over the last five or 6 years …Papaya Global Correct An Employees Pay… functions on the company side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to type 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 extremely gloomy and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up which must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and handling them ends up being more and more intricate Global companies are aiming to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment perspective numerous organizations preserve different savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep separate bank accounts sometimes in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies enhance the episode complex processes of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient 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 significantly guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or really extremely fundamental there’s no real consistency framework we’re residing in an era 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 often with pen and paper which simply blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the average cost 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 globe payroll and payments do not run smoothly if they count on the necessary numerous procedures 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 challenges organization face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be included best and what does

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it require to be thought about there’s differing 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 need to pay from the customer’s own in-country account so there’s complexity any place you look best ultimately developing a knowledge base is absolutely critical but all over you look with payroll payment they are like 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m constantly amazed 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 divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being offered by organizations throughout the world so once again you’re just aiming to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or real difficult sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost viewpoint from an impact viewpoint 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 have to be done right it has the biggest detrimental result on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just 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 things is definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll solution for your employees worldwide again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of organizations and lowering the variety of tools platforms and bank accounts they need for their Worldwide 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 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 haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks

anyhow we know how how essential 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 everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of 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 an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business select to main different bank accounts there are Papaya Global Correct An Employees Pay companies out there doing precisely this for particular countries and I have actually worked in a service or many businesses doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not 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 quantity that we are I think lots of factors one is it’s the standard I think people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think 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 individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering but eventually people are really stuck to what they’re familiar

with right um modification is a tough thing all of us don’t like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping several checking account but there’s a huge quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is big however I think the honest response is modification um individuals have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or so 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 challenges yeah of course 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 seems like our CFO has actually acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Correct An Employees Pay

I find time and time again the workers frequently misclassified unwittingly they don’t understand the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the customer 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 healthcare opportunities 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 passed they have not added 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 go back as much as 10 years um Kathy companies are getting insurance versus misclassification but generally premiums are just covering the cost of legal charges whilst the typical claim examined against companies equates to to 40 or half of the base salary of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest for the most part I have not seen it at least so uh the the other area that I do think 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 rejected protection on the basis of the truth that you were not in compliance with laws um in the UK