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Handling payroll worldwide is a complicated task … Change Papaya Global Data Path…

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Over the last five or six years …Change Papaya Global Data Path… roles on the provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly 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 raining here it’s very really uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain different

Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the international Workforce is currently three 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 presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s typically a frustrating number of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency framework we’re residing in a period 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 organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide services have actually revealed 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 due to time reporting bad HCM information data entry errors improperly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect place the average cost of an international data 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 smoothly if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of best and what does

it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 any place you look best eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more important to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so again you’re just looking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or real challenging type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense point of view from an effect perspective on staff members it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this sort of webinar has been informed 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 employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a terrific primary step um offering an end-to-end payroll solution for your staff members worldwide again I think is another huge um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and decreasing the number of tools platforms and checking 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks

anyhow we know how how important 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 picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision 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 definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to get back to everybody so moving on appearance why do business choose to main separate bank accounts there are Change Papaya Global Data Path companies out there doing exactly this for specific nations and I’ve worked in a service or many services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t 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 think many factors one is it’s the standard I think people have got so utilized to we need a new savings account we open an entity and appropriately so you need 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 standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing but eventually people are extremely stuck with what they’re familiar

with right um modification is a difficult thing all of us do not like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining numerous savings account but there’s a huge amount of intricacy goes with setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the complexity is big however I think the sincere answer is change um people haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep track of and this approach does posture several obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Change Papaya Global Data Path

I find time and time again the employees often misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the client why it’s optimum primarily to the client why you must be used 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 a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions And so on so it’s a big impact that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance coverage versus misclassification but usually premiums are only covering the cost of legal costs whilst the typical claim examined versus companies equates to to 40 or half of the base pay of worker exists any point in securing insurance 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 most of the times 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK