Papaya Global Hq 2024 – Get Started

Handling payroll internationally is a complicated job … Papaya Global Hq…

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Over the last five or 6 years …Papaya Global Hq… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 raining here it’s extremely very dreary and I want I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain different

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no genuine consistency structure we’re living in an era of tech however payroll has actually been sluggish 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 every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization spends on global payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to precisely 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 require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be consisted of ideal and what does

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it need to be considered 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely crucial however 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 kind 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 definitely basic and technology is enabling us to sort of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t 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 typically 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 likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of important to add to kind of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so once again you’re simply wanting to add a growing number of payments to this currently complicated landscape so if you kind 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 challenges or real difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger an organization 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 really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect viewpoint on staff members it is absolutely critical 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 destructive impact on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us 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 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 things is definitely vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll service for your employees globally once again I think is another big um procedure again aligning and ensuring you have standardization International processes all of those things are definitely essential to success success of services and lowering the number of tools platforms and checking account they require for their International 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 thousand of 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 grievances where things have not gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks

anyway we understand how how important 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 procedures and likewise so envision sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision 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 job attempting 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 require days of the week to try to look through them and really see what was going on and sort of shot to return to everybody so moving on look why do companies choose to primary separate checking account there are Papaya Global Hq services out there doing exactly this for specific countries and I’ve operated in a company or lots of businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I think individuals have got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have 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 variety I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are really stuck with what they recognize

with ideal um modification is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping multiple bank accounts however there’s a huge quantity of complexity 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 private individuals so the complexity is huge but I believe the sincere response is modification um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does position numerous obstacles um so Johnny could 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 Enterprise 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 gained another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Hq

I discover time and time again the employees typically misclassified unknowingly they do not understand the conditions of work or agreement and are told by the client why it’s optimum mainly to the customer why you must be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected 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 haven’t contributed to pensions Etc so it’s a big impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage against misclassification however typically premiums are just covering the cost of legal fees whilst the typical claim assessed versus companies equates to to 40 or half of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times I have not seen it at least so uh the the other location that I do think 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 protection on the basis of the fact that you were not in compliance with laws um in the UK