Papaya Global Level 1 2024 – Get Started

Handling payroll worldwide is a challenging job … Papaya Global Level 1…

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Over the last 5 or 6 years …Papaya Global Level 1… roles on the provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s raining here it’s very very gloomy and I want I was somewhere else at this moment in time alright so let’s get started 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 companies preserve separate

Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Labor force is presently 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 world in the standard payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely fundamental there’s no real consistency framework we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on global payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide organizations have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of right and what does

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it need to be considered 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 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 customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high worth on wellness and the compensation landscape is becoming progressively complex. Companies are constantly introducing brand-new advantages and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly sophisticated period, there’s no justification for preserving troublesome procedures. Payroll, the business’s most significant expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively impact workers’ wellness and have far-reaching effects. For that reason, it’s important to focus on precise and prompt payments.

payroll team get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about 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 deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll solution for your workers internationally again I think is another big um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and bank accounts 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’ve never had a hundred thousand of them within a payroll cycle don’t 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 meant to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we understand 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 everyone that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through 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 different savings account there are Papaya Global Level 1 companies out there doing exactly this for specific nations and I have actually operated in an organization or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I think individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways 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 altering but eventually individuals are very stuck to what they’re familiar

with right um modification is a tough thing all of us do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping several checking account but there’s a huge quantity of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is substantial however I believe the sincere response is modification um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to track and this approach does pose a number of difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so

I just did you switched our Business 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 Worldwide employees 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 Level 1

I find time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the client why you must be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have gone by they have not added to pensions Etc so it’s a huge effect that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance versus misclassification however usually premiums are just covering the expense of legal costs whilst the average claim assessed against companies equates to to 40 or half of the base pay of employee exists any point in getting insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK