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Managing payroll globally is a difficult task … Papaya Global Courses Online…

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Over the last 5 or six years …Papaya Global Courses Online… roles on the service provider side and also on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating 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 everybody comes 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 extremely really bleak and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies keep different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we’ll also review a wrap-up and that should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and handling them becomes increasingly more intricate International companies are wanting to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve different bank account just for payroll while some have several accounts in various countries does it make sense for business to keep different savings account in some cases in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex procedures of

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no real consistency framework we’re residing 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 often with pen and paper which just blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of international organizations 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 errors are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as 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 needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be included best and what does

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it need to be considered 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 abilities 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 consumer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide 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 information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so again you’re just aiming to add a growing number of payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things however you know 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 need to produce additional handoffs while doing sos 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 know that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost point of view from an effect point of view on employees it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive result on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I’ve always been impressed entering this Market sort of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally too. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first International Payments first payroll payment service is a fantastic preliminary action towards providing a detailed payroll solution for staff members worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and savings account needed for global payroll are crucial factors in attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.

anyhow we know how how essential a role 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 picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing 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 try to check out them and in fact see what was going on and sort of try to get back to everybody so carrying on look why do business pick to primary different savings account there are Papaya Global Courses Online businesses out there doing exactly this for particular nations and I have actually worked in a service or lots of companies doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anyone 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 many reasons one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a process that requires taking a look at it needs changing however eventually individuals are really stuck with what they’re familiar

with ideal um change is a tough thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving numerous savings account but there’s a big quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is huge however I think the truthful answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve 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 understand what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does posture numerous obstacles um so Johnny might you inform us about those obstacles yeah naturally 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 feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Courses Online

I discover time and time again the employees typically misclassified unknowingly they don’t comprehend the conditions of employment or contract and are told by the customer why it’s optimum generally to the customer why you need to be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be impacted and numerous 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 added to pensions And so on so it’s a huge effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance coverage versus misclassification however usually premiums are just covering the cost of legal charges whilst the average claim evaluated versus companies equates to to 40 or half of the base pay of worker 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 many cases I have not seen it at least so uh the the other area that I do believe 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 fact that you were not in compliance with laws um in the UK