Papaya Global & Hr 2024 – Get Started

Handling payroll globally is an overwhelming task … Papaya Global & Hr…

How much revenue does the company make? Papaya Global & Hr

Over the last 5 or six years …Papaya Global & Hr… roles on the company side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays 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 everyone comes from and I actually do hope it’s much sunnier than it is 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 extremely really dreary and I want I was somewhere else at this moment in time okay so let’s begin 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 business maintain different

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a troublesome job into a tactical possession.

due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and services adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.

Traditional payroll systems often lead to manual procedures, data silos, and an absence of integration, leading to disparities and inadequacies. In spite of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and services to streamline and optimize international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the necessary several processes 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 obstacles company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does

it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble extremely 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high value on well-being and the payment landscape is becoming progressively detailed. Organizations are continuously introducing new advantages and payment choices, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technologically advanced period, there’s no justification for maintaining troublesome treatments. Payroll, the company’s greatest expenditure, should be processed properly and on time. Even slight delays can negatively affect employees’ wellness and have far-reaching consequences. Therefore, it’s critical to focus on accurate and prompt payments.

payroll group get um so I’m unsure anybody on this sort of webinar has been told 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 employees or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 things is absolutely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll service for your employees globally once again I think is another huge um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of services and reducing the variety of tools platforms and savings account they need for their Global 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 countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks

anyway we know how how essential a role 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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to return to everyone so moving on appearance why do companies select to primary separate bank accounts there are Papaya Global & Hr services out there doing precisely this for particular countries and I have actually worked in an organization or lots of companies doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and anyone that’s managing 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 amount that we are I believe lots of reasons one is it’s the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people 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 methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize

with best um change is a hard thing all of us don’t like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving numerous savings account but there’s a substantial amount of intricacy opts for establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is substantial however I believe the truthful answer is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does present several challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global & Hr

I find time and time again the workers typically misclassified unconsciously they do not understand the conditions of employment or agreement and are told by the client why it’s optimum mainly to the customer why you need to be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions Etc so it’s a big impact that they never understood they were strolling 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 business are getting insurance coverage against misclassification but generally premiums are only covering the cost of legal fees whilst the typical claim evaluated against companies relates to to 40 or half of the base pay of worker is there any point in getting 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 many cases I have not seen it at least so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK

Papaya Global Hr 2024 – Get Started

Handling payroll internationally is a challenging task … Papaya Global Hr…

How much revenue does the company make? Papaya Global Hr

Over the last five or six years …Papaya Global Hr… functions on the company side and likewise on the vendor side from a payroll perspective 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 number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather 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 everybody comes 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 somewhere else at this moment in time okay so let’s get going 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 business keep separate

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can transform them from a challenging task into a tactical possession.

due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large number of workers and companies contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems frequently result in manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to supply insights and services to simplify and enhance international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the incorrect place the average expense of a worldwide 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 required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be consisted of best and what does

it require to be thought about 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 consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some children 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 acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of important to contribute to sort of the level of complexity there’s more and more advantages being organ or being provided by companies throughout the world so again you’re simply looking to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real challenging type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly say 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 task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more prompt 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 understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any business has from a cost point of view from an impact point of view on employees it is absolutely 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 biggest detrimental impact on people’s well-being and many other factors if individuals aren’t paid uh I have actually always been astonished coming into this Market sort of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us find out about 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll option for your staff members internationally again I believe is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of services and minimizing the variety of tools platforms and checking account they require for their International 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 ever 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 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 essential 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 simple as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was simply 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 potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean 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 require days of the week to try to browse them and actually see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies pick to primary different bank accounts there are Papaya Global Hr companies out there doing precisely this for specific nations and I’ve operated in a company or many companies doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and any person that’s managing 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 think numerous factors one is it’s the standard I think people have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering but ultimately individuals are very stuck with what they’re familiar

with best um change is a tough thing all of us do not like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining numerous checking account however there’s a big quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is big however I think the sincere answer is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep track of and this technique does present a number of difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a change to our Enterprise 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 gained another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Hr

I discover time and time again the employees frequently misclassified unknowingly they don’t understand the conditions of employment or contract and are told by the client why it’s most advantageous mainly to the client why you must be utilized or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions Etc so it’s a huge effect that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance versus misclassification however usually premiums are only covering the expense of legal costs whilst the typical claim examined against companies relates to to 40 or half of the base salary of employee is there any point in taking out 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 for the most part I have not seen it a minimum of so uh the the other location 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 truth that you were not in compliance with laws um in the UK