Papaya Global System Specs 2024 – Get Started

Handling payroll globally is a difficult job … Papaya Global System Specs…

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Over the last 5 or six years …Papaya Global System Specs… functions on the company side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 really really uninspiring and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business preserve separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll also discuss a recap which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them ends up being increasingly more complex Global organizations are looking to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint many organizations keep separate bank account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain separate bank accounts often in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex procedures of

making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they include additional complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people 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 around the globe in the standard payroll design there’s often a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very really basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state 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 time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more important to contribute to kind of the level of intricacy there’s more and more benefits being organ or being offered by companies throughout the world so once again you’re simply looking to add increasingly more payments to this already complicated 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 difficulties or genuine challenging type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job 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 does not always need to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you understand 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 rightly as you said payroll is the single greatest liability that any company has from an expense perspective from an effect perspective on employees it is definitely 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 have to be done right it has the greatest harmful impact on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market kind of the last five to ten years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only notice when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is a terrific initial action towards providing a detailed payroll option for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account required for worldwide payroll are essential factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyhow 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 simple as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to return to everybody so proceeding look why do business pick to main separate savings account there are Papaya Global System Specs services out there doing precisely this for particular nations and I’ve worked in an organization or lots of services doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I think individuals have got so used to we require a brand-new bank 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 believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a process that requires taking a look at it requires altering but eventually individuals are really stuck with what they’re familiar

with ideal um change is a difficult thing we all don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving numerous checking account but there’s a big quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is substantial but I think the sincere answer is modification um people haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always 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 know what might nearly be determined to be the next Century approximately there is a lot to monitor and this method does pose numerous challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global System Specs

I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s optimum primarily to the customer why you need to be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions Etc so it’s a huge impact that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance coverage against misclassification however generally premiums are just covering the cost of legal charges whilst the average claim examined against employers corresponds to to 40 or half of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest most of the times I haven’t seen it a minimum of so uh the the other area that I do think 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK