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Handling payroll internationally is a challenging task … Cannot Upgrade Papaya Global…

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Over the last five or 6 years …Cannot Upgrade Papaya Global… roles on the company side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well among 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 just to hear where everybody is um it’s nice to to sort of like see where everyone 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 really uninspiring and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a wrap-up which must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them ends up being more and more complicated Worldwide companies are seeking to find Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint lots of companies preserve separate bank account just for payroll while some have several accounts in different nations does it make good sense for business to preserve different savings account in some cases in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies enhance the episode complex procedures of

making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s often an overwhelming number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or really really basic there’s no genuine consistency framework we’re living in a period 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 typically with pen and paper and that just blows my mind whenever I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on international 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 incidents in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the typical 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 money around the world payroll and payments do not run smoothly if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included ideal and what does

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it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody 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 process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more crucial to contribute to sort of the level of complexity there’s more and more benefits being organ or being offered by businesses throughout the world so again you’re simply seeking to add more and more payments to this currently complex 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 genuine obstacles or real challenging sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need 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 simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense point of view from an effect point of view on employees it is absolutely vital 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 most significant damaging impact on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually always been surprised entering this Market sort of the last five to ten years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally too. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the first Global Payments very first payroll payment service is a terrific initial step towards offering an extensive payroll option for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts needed for global payroll are crucial consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we understand 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 everyone that’s involved in those procedures and likewise so envision sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to get back to everybody so proceeding appearance why do companies pick to primary different bank accounts there are Cannot Upgrade Papaya Global services out there doing exactly this for particular nations and I’ve worked in a service or numerous businesses doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s managing 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 quantity that we are I think lots of reasons one is it’s the requirement I believe individuals have got so used to we need a new checking account we open an entity and rightly 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 just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing but eventually individuals are very stuck with what they’re familiar

with best um modification is a hard thing all of us don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining multiple bank accounts but there’s a substantial quantity of complexity chooses establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is huge however I think the sincere answer is modification um people have not been able to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this technique does present numerous difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so

I just 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 gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Cannot Upgrade Papaya Global

I find time and time again the employees typically misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the client why it’s optimum mainly to the client why you ought to be utilized or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care privileges 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 actually gone by they have not contributed to pensions And so on so it’s a huge effect that they never understood they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification however typically premiums are just covering the expense of legal fees whilst the average claim assessed against employers corresponds to to 40 or 50 percent of the base salary of employee exists any point in getting insurance coverage 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 for the most part 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK