Papaya Global London Office 2024 – Get Started

Managing payroll worldwide is an overwhelming task … Papaya Global London Office…

How much revenue does the company make? Papaya Global London Office

Over the last five or 6 years …Papaya Global London Office… roles on the provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 gloomy and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business preserve separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll also review a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them ends up being more and more intricate Worldwide organizations are seeking to discover Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment viewpoint many companies preserve different checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve different checking account sometimes in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of

making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely 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 hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add more intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 around the world in the conventional payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very fundamental there’s no real consistency structure we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the wrong place the average expense 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 around the globe payroll and payments don’t run efficiently if they depend on the necessary multiple processes 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 making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be consisted of 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 country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I’m always surprised when individuals say I have actually divided 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 divide 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 process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more crucial to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by companies throughout the world so again you’re just looking to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the bigger 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 groups feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost point of view from an impact perspective on workers it is absolutely critical 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 biggest destructive impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been amazed entering this Market kind of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your employees internationally once again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of companies and decreasing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of 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 complaints where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up 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 need days of the week to try to browse them and really see what was going on and type of shot to return to everyone so moving on look why do companies select to main different checking account there are Papaya Global London Office services out there doing exactly this for particular nations and I have actually worked in a company or lots of services doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and anybody that’s dealing with 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 lots of factors one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it needs altering but eventually individuals are really stuck with what they recognize

with ideal um change is a difficult thing we all don’t like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving numerous checking account but there’s a huge quantity of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big but I believe the truthful answer is change um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit 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 constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this approach does posture a number of challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I simply did you switched our Business 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 International workers you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global London Office

I discover time and time again the workers often misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous generally to the customer why you ought to be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee 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 gone by they haven’t added to pensions And so on so it’s a big effect that they never knew they were strolling 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 getting insurance against misclassification however normally premiums are just covering the expense of legal costs whilst the average claim evaluated versus employers relates to to 40 or half of the base salary of employee is there 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 most cases I have not seen it at least so uh the the other area that I do believe 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