Papaya Global Com Payroll 2024 – Get Started

Handling payroll worldwide is a complicated task … Papaya Global Com Payroll…

How much revenue does the company make? Papaya Global Com Payroll

Over the last five or 6 years …Papaya Global Com Payroll… roles on the provider side and also on the vendor 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 simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort 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 kind of like see where everyone originates 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 very very gloomy and I want 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 difficulty years of managing International payroll why business keep separate

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Labor force is currently three and a half billion people 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 consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very very standard there’s no real consistency framework we’re residing in an age of tech but payroll has 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 simply blows my mind every time I I think

about it to give you an idea 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 gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included best and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 ideal eventually building a knowledge base is absolutely crucial however 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 sort 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 fundamental and innovation is allowing us to kind of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market 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 data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high value on wellness and the compensation landscape is becoming increasingly complex. Companies are continuously introducing new benefits and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically advanced era, there’s no reason for keeping cumbersome procedures. Payroll, the company’s most significant cost, should be processed correctly and on time. Even slight hold-ups can negatively affect employees’ wellness and have far-reaching consequences. Therefore, it’s crucial to focus on precise and prompt payments.

payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a great initial step um providing an end-to-end payroll service for your staff members globally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t 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 don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks

anyhow we understand how how crucial 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 easy as possible for everybody that’s involved in those processes and also so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t picture 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 sort of shot to get back to everyone so moving on look why do business pick to main separate savings account there are Papaya Global Com Payroll organizations out there doing precisely this for specific countries and I’ve worked in a service or many companies doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and anybody 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 amount that we are I believe lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately people are really stuck to what they’re familiar

with right um change is a difficult thing all of us don’t like modification um so I think it’s just type 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 clearly the advantages of having maintaining several bank accounts but there’s a substantial quantity of complexity opts for setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is substantial but I think the truthful response is change um people have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep track of and this technique does posture several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Com Payroll

I find time and time again the workers frequently misclassified unwittingly they do not understand the conditions of work or agreement and are told by the customer why it’s optimum generally to the customer why you should be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted 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 have not contributed to pensions Etc so it’s a huge effect that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are securing insurance coverage against misclassification however normally premiums are just covering the cost of legal fees whilst the typical claim examined versus employers relates to to 40 or half 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 need to read the small print it is not covering the taxes charge and interest most of the times I have not seen it at least 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 truth that you were not in compliance with laws um in the UK

Papaya Global.Com Payroll 2024 – Get Started

Handling payroll worldwide is a daunting job … Papaya Global.Com Payroll…

How much revenue does the company make? Papaya Global.Com Payroll

Over the last five or six years …Papaya Global.Com Payroll… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I want I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise go over a recap which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them ends up being a growing number of intricate Global companies are seeking to discover Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment standpoint lots of companies keep different savings account just for payroll while some have several accounts in different nations does it make sense for business to maintain separate savings account in some cases in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex procedures of

making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated 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 services and growing all doing their own thing all over the world in the conventional payroll design there’s typically an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very standard there’s no genuine consistency framework we’re living in an age 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 and that just blows my mind every time I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on international payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included right and what does

it require to be thought of there’s differing 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to type of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly impressed when people state I’ve split 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 computation 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by services across the world so again you’re just seeking to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or genuine tough type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a service 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 actually managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an effect perspective on workers it is absolutely important 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 greatest detrimental impact on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually always been amazed entering this Market sort of the last five to 10 years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only see when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first Worldwide Payments first payroll payment solution is a great initial step towards supplying a thorough payroll service for staff members worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and savings account required for worldwide payroll are crucial consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as prepared. Ultimately, we do not do it for the appreciation.

anyhow we know how how important 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture 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 actually see what was going on and sort of shot to get back to everybody so proceeding appearance why do companies pick to primary separate bank accounts there are Papaya Global.Com Payroll companies out there doing exactly this for specific nations and I have actually operated in a service or many companies doing precisely that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions 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 gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires altering but eventually individuals are very stuck to what they recognize

with right um modification is a tough thing all of us don’t like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving multiple savings account but there’s a big quantity of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is huge but I believe the truthful answer is modification um people haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to track and this approach does pose a number of challenges um so Johnny could you tell us about those obstacles 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global.Com Payroll

I discover time and time again the workers frequently misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the customer why you need to be used or participated in this style 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 several 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 Etc so it’s a huge effect that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance coverage versus misclassification however generally premiums are only covering the cost of legal charges whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many cases I have not seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK