Papaya Global Customers 2024 – Get Started

Handling payroll globally is a challenging job … Papaya Global Customers…

How much revenue does the company make? Papaya Global Customers

Over the last five or 6 years …Papaya Global Customers… roles on the company 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 everyone fine thanks Johnny uh we’ll just provide 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 already simply to hear where everybody is um it’s nice to to type of like see where everybody comes 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 drizzling here it’s very very uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise go over a recap which must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them becomes increasingly more intricate Worldwide companies are wanting to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint lots of organizations keep different bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep different bank accounts often in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of

Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can change them from a challenging task into a strategic property.

due to various regulations, compliance requirements, data security issues, and banking guidelines. The large number of workers and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Standard payroll systems often lead to manual procedures, data silos, and an absence of combination, leading to disparities and inefficiencies. Despite living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and options to streamline and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly 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 needs to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included right and what does

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it need 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 time frames 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of move forward with that it also too to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m always astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re just wanting to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean 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 works um there are groups doing one part of the job there are groups 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 opinion and my experience that does not always require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost point of view from an effect point of view on workers it is definitely critical that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive effect on people’s wellness and lots of other factors if people aren’t paid uh I’ve always been astonished 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 anyone on this sort of webinar has actually 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 employees or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 crucial that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll service for your workers globally once again I think is another substantial um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of businesses and minimizing the number of tools platforms and checking account they require 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyway we know how how crucial 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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture 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 certainly be a fascinating task attempting 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 require days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everybody so proceeding appearance why do companies select to main separate bank accounts there are Papaya Global Customers companies out there doing precisely this for specific nations and I’ve worked in a business or lots of businesses doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I believe people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing however ultimately people are very stuck with what they’re familiar

with best um change is a hard thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving several savings account but there’s a big amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is huge however I believe the sincere answer is modification um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component 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 moving on and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep an eye on and this method does present several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Customers

I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of employment or agreement and are told by the customer why it’s optimum generally to the client why you ought to be employed or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities 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 actually gone by they haven’t contributed to pensions Etc so it’s a big effect that they never understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification but normally premiums are only covering the expense of legal charges whilst the typical claim examined versus companies equates to to 40 or half of the base salary of employee is there any point in securing 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 penalty and interest in many cases I have not seen it at least so uh the the other area 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 fact that you were not in compliance with laws um in the UK