Papaya Global Updates 2017 2024 – Get Started

Handling payroll globally is a challenging task … Papaya Global Updates 2017…

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Over the last five or six years …Papaya Global Updates 2017… roles on the supplier side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really 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 raining here it’s extremely really gloomy and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve separate

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a troublesome job into a strategic property.

due to various regulations, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently lead to manual processes, information silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Despite living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and services to streamline and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on global payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global organizations have actually expressed 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 bad HCM information data entry errors inadequately communicated hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they rely on the required numerous 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 difficulties organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be included ideal and what does

it need to be thought about there’s differing Bank details 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 complexity any place you look right eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 type of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I’m always amazed 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 operate in the payroll profession would they divide the payroll payment from computation 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more important to add to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by companies across the world so again you’re simply seeking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason that 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 service has from a cost perspective from an effect point of view on employees it is definitely vital that it’s done correctly and on time so what we imply 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 destructive effect on people’s wellness and lots of other factors if people aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m unsure anyone on this sort of webinar has 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 workers or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your staff members internationally again I think is another huge um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and reducing the number of tools platforms and bank accounts they require for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 implied to be um I do not think any of us are really doing that for for the thanks

anyhow we know how how crucial a function it is which’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 involved in those procedures and likewise so envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that numerous 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 absolutely 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 try to browse them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business choose to main different savings account there are Papaya Global Updates 2017 organizations out there doing precisely this for particular nations and I’ve operated in a company or lots of businesses doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and anyone that’s handling that process 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 believe many reasons one is it’s the requirement I think individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I think this is a process that needs looking at it requires altering but ultimately people are very stuck to what they’re familiar

with right um modification is a difficult thing we all 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 great deal of track of things um I understand undoubtedly the advantages of having maintaining multiple bank accounts however there’s a huge amount of complexity goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is big but I believe the truthful response is modification um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component 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 nearly be identified to be the next Century approximately there is a lot to keep track of and this technique does posture several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range 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 acquired another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global 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 accomplishments. Papaya Global Updates 2017

I discover time and time again the workers frequently misclassified unwittingly they do not understand the conditions of work or agreement and are informed by the client why it’s optimum mainly to the customer why you must be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 passed they haven’t contributed to pensions And so on so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance versus misclassification but normally premiums are just covering the expense of legal costs whilst the typical claim examined against employers relates to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest for the most part 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 stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK