Papaya Global Where To Go To Change Payroll Schedule 2024 – Get Started

Managing payroll internationally is an overwhelming task … Papaya Global Where To Go To Change Payroll Schedule…

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Over the last five or 6 years …Papaya Global Where To Go To Change Payroll Schedule… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 very uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep different

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely 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 checking account how companies precisely forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they add further complexity the worldwide Labor force 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 conventional payroll design there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very very standard there’s no real consistency framework we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the needed several 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 challenges business face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does

it need to be thought about there’s varying Bank information 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 complexity anywhere you look right eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 fundamental and technology is permitting us to kind of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by organizations throughout the world so once again you’re just aiming to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an impact point of view on staff members it is absolutely crucial 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 have to be done right it has the most significant destructive impact on individuals’s wellness and lots of other aspects if people aren’t paid uh I have actually always been impressed entering this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific first step um providing an end-to-end payroll solution for your employees worldwide again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of organizations and decreasing the number of tools platforms and bank accounts 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 have actually never ever 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 problems where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyway we understand how how important a function 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 processes and also so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely 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 held true um you ‘d require days of the week to try to check out them and actually see what was going on and sort of shot to get back to everybody so proceeding appearance why do business choose to main different bank accounts there are Papaya Global Where To Go To Change Payroll Schedule companies out there doing exactly this for specific countries and I’ve operated in a business or many services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s handling that process 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 think numerous factors one is it’s the requirement I think individuals have got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering but eventually individuals are very stuck with what they recognize

with best um change is a difficult thing all of us do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving numerous bank accounts but there’s a big quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge but I think the honest response is modification um individuals have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this approach does pose a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety 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 gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Where To Go To Change Payroll Schedule

I find time and time again the employees frequently misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the customer why it’s optimum mainly to the client why you need to be utilized or taken part in this style the employee 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 passed they have not added to pensions And so on so it’s a big impact that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are getting insurance versus misclassification but normally premiums are only covering the expense of legal costs whilst the typical claim assessed versus companies equates to to 40 or half of the base salary of worker 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 charge and interest in many cases I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are stating 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