Papaya Global 50 Extra 2024 – Get Started

Handling payroll internationally is an overwhelming task … Papaya Global 50 Extra…

How much revenue does the company make? Papaya Global 50 Extra

Over the last five or six years …Papaya Global 50 Extra… roles on the provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody fine 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 sort of let them do that so it ‘d be rather interesting and I can see it going on already just 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll also review a recap which ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them ends up being increasingly more complicated Global organizations are seeking to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment perspective many organizations preserve different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep different bank accounts sometimes in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very very fundamental there’s no genuine consistency structure 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 think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have actually revealed 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 data data entry errors inadequately communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not require to be included ideal and what does

it require to be thought of there’s differing 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 capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 absolutely basic and innovation is permitting us to kind of progress with that it likewise as well 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 absolutely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when individuals state I’ve divided 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 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world places a high worth on well-being and the compensation landscape is ending up being significantly elaborate. Businesses are continually introducing brand-new benefits and payment alternatives, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no reason for keeping cumbersome procedures. Payroll, the business’s biggest cost, should be processed correctly and on time. Even slight hold-ups can negatively impact staff members’ well-being and have significant repercussions. Therefore, it’s important to focus on precise and timely payments.

payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment service is a great first step um supplying an end-to-end payroll service for your employees internationally once again I think is another big um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks

anyway 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 simple as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na state envision 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 discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of shot to return to everyone so proceeding look why do business choose to main separate checking account there are Papaya Global 50 Extra organizations out there doing exactly this for particular nations and I’ve worked in a service or lots of organizations doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires altering however eventually people are extremely stuck with what they’re familiar

with best um change is a tough thing all of us don’t like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping several savings account however there’s a big amount of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big however I think the honest response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to track and this method does pose a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global 50 Extra

I find time and time again the employees often misclassified unknowingly they don’t understand the conditions of work or agreement and are told by the client why it’s optimum primarily to the client why you ought to be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care 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 far too late years have actually passed they have not contributed to pensions Etc so it’s a huge impact that they never knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance against misclassification however usually premiums are just covering the cost of legal costs whilst the average claim assessed versus employers corresponds to to 40 or half of the base salary of worker is there any point in getting insurance 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 haven’t 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK