Papaya Global Support Helpline 2024 – Get Started

Managing payroll internationally is a challenging task … Papaya Global Support Helpline…

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Over the last 5 or six years …Papaya Global Support Helpline… roles on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join all of us 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 already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes 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 drizzling here it’s extremely really uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up and that should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them becomes more and more complicated International companies are aiming to discover Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to keep different checking account often in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of

making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they add additional intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming number of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really really standard there’s no genuine consistency framework we’re residing in an age 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 typically with pen and paper which simply 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 companies state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization invests in global payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great question I always toss this back and state what is it what does not require to be consisted of right and what does

it require to be thought about 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 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 client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely vital but everywhere 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high value on well-being and the payment landscape is becoming progressively complex. Services are constantly introducing new advantages and payment alternatives, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s highly sophisticated period, there’s no justification for maintaining troublesome treatments. Payroll, the business’s most significant cost, need to be processed properly and on time. Even minor hold-ups can adversely impact employees’ well-being and have significant repercussions. For that reason, it’s vital to focus on accurate and timely payments.

payroll group 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 great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us 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 believe 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 stuff is definitely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific initial step um supplying an end-to-end payroll service for your workers globally once again I think is another substantial um process again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of companies and minimizing the variety of tools platforms and savings account they require for their International 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we understand how how important 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 simple as possible for everyone that’s associated with those processes and also so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh definitely 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 browse them and in fact see what was going on and type of try to get back to everyone so proceeding look why do business select to primary different bank accounts there are Papaya Global Support Helpline organizations out there doing exactly this for specific nations and I have actually worked in a service or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately 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 think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it needs altering but ultimately people are really stuck with what they recognize

with ideal um change is a hard thing we all don’t like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous savings account however there’s a big amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is big however I believe the sincere answer is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to track and this technique does present several obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Support Helpline

I find time and time again the employees frequently misclassified unconsciously they do not understand the conditions of employment or contract and are told by the customer why it’s most advantageous mainly to the customer why you should be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t contributed to pensions And so on so it’s a big effect that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification however generally premiums are just covering the expense of legal costs whilst the typical claim examined against companies relates to to 40 or 50 percent of the base pay of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it at least so uh the the other area 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK