Papaya Global Helps Make Payroll 2024 – Get Started

Managing payroll globally is an overwhelming job … Papaya Global Helps Make Payroll…

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Over the last five or 6 years …Papaya Global Helps Make Payroll… functions on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple 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 quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind 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 drizzling here it’s really extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also offer 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 stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Workforce is presently 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 consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s typically an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very very basic there’s no real consistency framework we’re residing in a period 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 every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included ideal and what does

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it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of progress with that it also too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more important to add to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re simply wanting to include a growing number of 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 certain however have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would certainly state 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 task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period 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 agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact point of view on employees it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive effect on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this sort of webinar has been told 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 employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think 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 things is done properly so leveraging the very first International Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll option for your employees internationally once again I think is another huge um process again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and decreasing the number of tools platforms and savings account they require for their Worldwide 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know 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 simple as possible for everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly 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 need days of the week to attempt to look through them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do companies choose to main separate bank accounts there are Papaya Global Helps Make Payroll businesses out there doing precisely this for specific countries and I’ve operated in a business or numerous services doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anybody that’s handling that process 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 requirement I think people have got so used to we need a brand-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 believe it’s just been the standard and the standard individuals have embraced 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 lots of other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs altering but ultimately people are extremely stuck to what they’re familiar

with ideal um change is a tough thing all of us do not like change um so I believe 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 things um I understand undoubtedly the advantages of having preserving numerous checking account but there’s a big amount of complexity opts for establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is substantial however I think the honest answer is change um individuals have not been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to track and this method does pose numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so

I recently made a modification 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 gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Helps Make Payroll

I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of work or agreement and are told by the client why it’s optimum generally to the customer why you should be used or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they have not contributed to pensions Etc so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification however usually premiums are only covering the expense of legal fees whilst the average claim assessed versus companies corresponds to to 40 or half of the base salary of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK