How To Process Leavers On Papaya Global 2024 – Get Started

Handling payroll internationally is a daunting task … How To Process Leavers On Papaya Global…

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Over the last 5 or six years …How To Process Leavers On Papaya Global… functions on the company side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all 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 currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really dreary and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we’ll likewise discuss a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them ends up being increasingly more complex Worldwide companies are aiming to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint numerous companies maintain different savings account just for payroll while some have several accounts in different nations does it make sense for business to maintain different checking account often in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex procedures of

making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very standard there’s no genuine consistency framework we’re living in an age of tech but 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 and that just blows my mind each time I I think

about it to offer 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 gives me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors improperly interacted hires and terminations as well as lack management and system setups and after that when you round it all 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 when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the needed multiple procedures 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 organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included right and what does

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it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more essential to add to type of the level of intricacy there’s more and more advantages being organ or being offered by businesses across the world so again you’re simply looking to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely say 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 task there are teams feeding details 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 does not always need to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an effect perspective on employees it is absolutely 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 have to be done right it has the most significant detrimental result on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think 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 stuff is definitely important that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a fantastic initial step um offering an end-to-end payroll service for your employees worldwide again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and checking account they require 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 had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks

anyway we know how how crucial 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision 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 an interesting task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everybody so proceeding look why do business select to primary separate savings account there are How To Process Leavers On Papaya Global businesses out there doing precisely this for particular countries and I have actually worked in a company or many services doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for any person where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas 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 think individuals have actually got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply 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 people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering however ultimately people are very stuck with what they’re familiar

with ideal um modification is a hard thing we all do not like change um so I think it’s just 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 clearly the benefits of having preserving numerous savings account but there’s a huge quantity of intricacy goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is big however I believe the truthful answer is change um individuals have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think 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 carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to track and this method does pose numerous obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I 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 seems like our CFO has gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. How To Process Leavers On Papaya Global

I discover time and time again the employees often misclassified unknowingly they do not comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous generally to the customer why you must be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and several 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 huge impact that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance coverage versus misclassification but usually premiums are only covering the expense of legal charges whilst the typical claim evaluated versus companies corresponds to to 40 or 50 percent of the base pay of worker exists any point in securing 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 penalty and interest in most cases I haven’t seen it at least 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK