Papaya Global Mid Year Set Up 2024 – Get Started

Managing payroll internationally is a difficult job … Papaya Global Mid Year Set Up…

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Over the last five or six years …Papaya Global Mid Year Set Up… roles on the supplier side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also go over a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes increasingly more complicated Global companies are aiming to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment perspective many companies preserve separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate savings account often in different countries 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 helping international companies streamline the episode complex processes of

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a burdensome task into a strategic possession.

due to various guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and services adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems typically lead to manual processes, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. In spite of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and services to streamline and optimize global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors improperly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be consisted of best and what does

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it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 technology is enabling us to kind of progress with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate 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 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 any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more important to add to kind of the level of intricacy there’s more and more advantages being organ or being offered by services across the world so again you’re just seeking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams 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 viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more timely 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 challenging as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect perspective on employees it is definitely 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 harmful effect on people’s wellness and many other factors if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments very first payroll payment service is a great preliminary step towards providing a detailed payroll option for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and savings account needed for international payroll are crucial consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the appreciation.

anyway we know how how essential 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 easy as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that many 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 intriguing task attempting to clean all those up for sure oh absolutely I can’t think of 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 type of try to return to everybody so carrying on look why do business select to main separate savings account there are Papaya Global Mid Year Set Up services out there doing precisely this for particular nations and I’ve operated in a company or many organizations doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and any person that’s managing 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 lots of reasons one is it’s the requirement I think people have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it requires changing however eventually people are extremely stuck to what they recognize

with right um modification is a tough thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining numerous bank accounts but there’s a big amount of intricacy opts for setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big but I believe the sincere answer is modification um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter 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 know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does present a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Mid Year Set Up

I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the customer why you must be used or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t contributed to pensions Etc so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance against misclassification but typically premiums are only covering the cost of legal costs whilst the average claim evaluated versus companies equates to to 40 or half of the base pay of employee is there any point in taking out 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 charge and interest in many cases 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 stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK