Papaya Global P30 2024 – Get Started

Managing payroll internationally is a complicated job … Papaya Global P30…

How much revenue does the company make? Papaya Global P30

Over the last five or six years …Papaya Global P30… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually 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 very extremely gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also review a wrap-up which must 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 International workforces end up being a growing number of typical and handling them becomes more and more intricate International organizations are looking to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve different savings account sometimes in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex procedures of

making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include further complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated 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 organizations and growing all doing their own thing worldwide in the standard payroll model there’s often an overwhelming number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely fundamental there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of best and what does

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it need to be thought about there’s varying Bank information 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m always astonished when people state 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 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

The modern world puts a high worth on well-being and the compensation landscape is becoming progressively intricate. Services are constantly introducing new advantages and payment alternatives, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically advanced period, there’s no justification for preserving cumbersome treatments. Payroll, the company’s greatest expense, need to be processed properly and on time. Even slight delays can negatively impact staff members’ well-being and have far-reaching effects. For that reason, it’s crucial to focus on accurate and timely payments.

payroll team get um so I’m not sure anyone on this sort of webinar has actually 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 an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however 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 also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific primary step um offering an end-to-end payroll option for your staff members internationally again I think is another substantial um procedure again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of businesses and lowering the variety of tools platforms and checking account they need for their Global 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 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 problems where things have not gone rather where they’re meant to be um I do not think any of us are really doing that for for the thanks

anyway we understand how how important 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 procedures and also so think of sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision 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 a fascinating job attempting to clean up 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 require days of the week to try to look through them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies pick to main different bank accounts there are Papaya Global P30 companies out there doing precisely this for specific countries and I’ve worked in a service or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not need 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 many factors one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes 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 the people 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 believe there’s a range I believe this is a procedure that needs looking at it needs changing but ultimately people are really stuck to what they recognize

with ideal um change is a challenging thing all of us don’t like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving multiple savings account but there’s a big amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I believe the truthful response is modification um people haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this approach does position a number of obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I just did you changed our Enterprise 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 International employees you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global P30

I discover time and time again the employees typically misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you must be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have passed they have not added to pensions And so on so it’s a big effect that they never ever 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 companies are getting insurance coverage against misclassification but typically premiums are just covering the cost of legal fees whilst the typical claim examined versus companies relates to to 40 or half of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge 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 coverage what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK