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Managing payroll worldwide is a difficult job … Papaya Global System Training…

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Over the last 5 or 6 years …Papaya Global System Training… roles on the provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting 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 comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really bleak and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain separate

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging job into a tactical possession.

due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.

Conventional payroll systems typically result in manual procedures, data silos, and a lack of integration, leading to disparities and inadequacies. In spite of residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they count on the needed multiple procedures 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 business face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what does not require to be included ideal and what does

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it require to be considered 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 have to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is enabling us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high worth on wellness and the compensation landscape is ending up being increasingly elaborate. Companies are continuously introducing new advantages and payment options, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s biggest expense, should be processed correctly and on time. Even small delays can negatively affect staff members’ well-being and have significant repercussions. Therefore, it’s critical to focus on precise and prompt payments.

payroll team get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe 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 properly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll service for your staff members globally again I believe is another substantial um procedure once again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and savings account they require 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyhow we understand how how crucial 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision 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 however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to return to everybody so moving on look why do business choose to primary separate savings account there are Papaya Global System Training organizations out there doing precisely this for particular countries and I have actually worked in a business or numerous businesses doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing however ultimately individuals are extremely stuck to what they’re familiar

with best um change is a challenging thing we all do not like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping several bank accounts however there’s a substantial amount of complexity chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I think the sincere answer is change um people haven’t been able to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does posture several obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global System Training

I discover time and time again the workers often misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the customer why it’s optimum primarily to the client why you ought to be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care advantages 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 And so on so it’s a big impact that they never understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance against misclassification however typically premiums are only covering the expense of legal fees whilst the typical claim assessed versus companies corresponds to to 40 or half of the base pay of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK