Papaya Globals 2024 – Get Started

Handling payroll internationally is a complicated job … Papaya Globals…

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Over the last 5 or six years …Papaya Globals… roles on the company side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give 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 interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 raining here it’s extremely extremely gloomy and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve different

Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also provide a wrap-up 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 throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or very really fundamental there’s no genuine consistency structure we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the average cost 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 worldwide payroll and payments don’t run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does

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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 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 need to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of move on with that it also also 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 imperative that payroll and financing groups work closer together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 frequently split and cut up um ultimately 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 but also paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high value on wellness and the settlement landscape is becoming increasingly elaborate. Companies are continually presenting new advantages and payment choices, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technologically sophisticated age, there’s no justification for keeping cumbersome procedures. Payroll, the business’s greatest expense, need to be processed properly and on time. Even minor hold-ups can adversely affect workers’ wellness and have significant effects. Therefore, it’s crucial to focus on precise and timely payments.

payroll team get um so I’m uncertain anybody on this type of webinar has been informed 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 ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a fantastic initial step um offering an end-to-end payroll service for your workers globally once again I believe is another substantial um process again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and savings account they require for their Global 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 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 grievances where things haven’t gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyway we understand how how essential a function 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly 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 was the case um you ‘d need days of the week to try to browse them and really see what was going on and kind of try to get back to everybody so proceeding appearance why do business choose to primary separate checking account there are Papaya Globals organizations out there doing exactly this for particular nations and I’ve operated in a business or numerous companies doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think people have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering however eventually people are extremely stuck with what they recognize

with best um modification is a challenging thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping numerous checking account but there’s a substantial amount of intricacy goes with establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is big but I believe the sincere response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or so there is a lot to monitor and this approach does pose numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so

I just recently made a change to our Business 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 gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Globals

I discover time and time again the workers often misclassified unwittingly 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 must be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care 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 passed they have not contributed to pensions Etc so it’s a big effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance coverage versus misclassification however 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 pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other location that I do think 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 denied protection on the basis of the fact that you were not in compliance with laws um in the UK