Papaya Global One When Do Employees Get Paid 2024 – Get Started

Managing payroll globally is a complicated task … Papaya Global One When Do Employees Get Paid…

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Over the last five or 6 years …Papaya Global One When Do Employees Get Paid… roles on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve different

Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can change them from a difficult job into a tactical asset.

due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and services adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Standard payroll systems typically result in manual processes, data silos, and a lack of combination, resulting in disparities and inadequacies. In spite of residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and options to streamline and enhance worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical 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 money all over the world payroll and payments don’t run efficiently if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does

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it require to be considered there’s differing 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like very payments no if however some infants 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 fundamental and technology is allowing us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more crucial to contribute to type of the level of complexity there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a company 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 managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos 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 a period that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an impact perspective on workers it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been impressed entering this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your employees internationally once again I believe is another huge um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyway we know how how crucial 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 simple as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task 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 held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so carrying on appearance why do business select to primary separate bank accounts there are Papaya Global One When Do Employees Get Paid businesses out there doing precisely this for particular countries and I have actually worked in a company or numerous services doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anybody 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 lots of factors one is it’s the standard I think individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing but eventually people are really stuck with what they’re familiar

with ideal um modification is a challenging thing all of us don’t like modification 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 great deal of track of things um I understand clearly the benefits of having keeping multiple bank accounts however there’s a huge amount of complexity goes with setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is huge however I think the sincere answer is modification um people haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does present numerous challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a change 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 gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global One When Do Employees Get Paid

I discover time and time again the workers frequently misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the client why you need to be employed or engaged in this style the worker may 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 too late years have actually gone by they have not contributed to pensions And so on so it’s a huge impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification however usually premiums are just covering the expense of legal charges whilst the average claim evaluated against employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other location that I do believe 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 coverage on the basis of the fact that you were not in compliance with laws um in the UK