Papaya Global Theming 2024 – Get Started

Managing payroll globally is a daunting job … Papaya Global Theming…

How much revenue does the company make? Papaya Global Theming

Over the last 5 or six years …Papaya Global Theming… functions on the company side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating 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 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 really extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain separate

Virtual payroll accounts are an alternative to conventional bank accounts for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include additional 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 individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there’s often a frustrating variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really extremely fundamental there’s no genuine consistency structure we’re residing in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international services have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t require to be consisted of best and what does

it need 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 timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 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 people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of crucial to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply looking to include more and more payments to this already complex landscape so if you type 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 genuine obstacles or genuine challenging kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information 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 require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense viewpoint from an impact viewpoint on workers it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental effect on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 definitely important that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent first step um offering an end-to-end payroll option for your staff members worldwide once again I think is another big um process again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and checking account they need 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks

anyway we understand 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state imagine 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 discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of shot to return to everyone so moving on look why do companies pick to main separate bank accounts there are Papaya Global Theming companies out there doing exactly this for particular nations and I have actually worked in a business or many organizations doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we do not have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I think people have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs changing however ultimately people are extremely stuck with what they recognize

with right um change is a difficult thing we all do not like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining several checking account however there’s a substantial quantity of intricacy opts for establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big however I think 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 believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this approach does pose several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so

I simply did you changed our Business 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 International staff members you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Theming

I find time and time again the employees typically misclassified unwittingly they do not comprehend the conditions of work or agreement and are told by the client why it’s most advantageous generally to the customer why you ought to be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected 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 added to pensions Etc so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance coverage against misclassification but usually premiums are only covering the cost of legal charges whilst the average claim evaluated against companies relates to to 40 or 50 percent of the base pay of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other location 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 pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK