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Handling payroll worldwide is an overwhelming job … Free Papaya Global Courses Online…

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Over the last five or six years …Free Papaya Global Courses Online… functions on the provider side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting 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 everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly 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 want I was somewhere else at this moment in time fine 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 handling Global payroll why companies preserve different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a wrap-up which ought to leave his time at the very 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 labor forces become more and more common and handling them ends up being a growing number of complicated Global companies are looking to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment standpoint many companies keep different bank account just for payroll while some have several accounts in different countries does it make sense for business to keep separate savings account sometimes in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business streamline the episode complex processes of

Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to enhance working capital, and find how improving worldwide payroll payments can change them from a burdensome task into a strategic possession.

due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer number of employees and businesses contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Standard payroll systems often lead to manual processes, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and services to streamline and optimize global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be included right 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 nation there’s payment amount of time 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more crucial to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so once again you’re simply wanting to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely say 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 info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on staff members it is definitely crucial that it’s done properly 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 greatest destructive impact on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this type of webinar has actually been told 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 employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll option for your employees worldwide again I believe is another substantial um procedure again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of services and minimizing the number of tools platforms and checking account they need for their International 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’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks

anyhow we understand how how essential a role 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 processes and also so imagine 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 individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and kind of try to return to everybody so proceeding look why do business pick to main separate checking account there are Free Papaya Global Courses Online services out there doing precisely this for particular nations and I’ve worked in a service or lots of services doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and any person 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 quantity that we are I believe numerous reasons one is it’s the standard I think people have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but 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 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 lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering but eventually people are very stuck to what they recognize

with right um modification is a hard thing we all do not like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving several savings account however there’s a substantial quantity of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is big but I believe the sincere answer is change um individuals haven’t had the ability 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 hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Free Papaya Global Courses Online

I discover time and time again the employees often misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the customer why you must be utilized or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker 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 added to pensions And so on so it’s a big effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance coverage versus misclassification but generally premiums are only covering the cost of legal fees whilst the average claim assessed against companies corresponds to to 40 or half of the base pay of employee exists any point in taking out insurance coverage 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 many cases I have not seen it at least so uh the the other location 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 reality that you were not in compliance with laws um in the UK