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Managing payroll worldwide is a difficult job … Report Holidaysfrom Papaya Global…

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Over the last 5 or 6 years …Report Holidaysfrom Papaya Global… roles on the provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort 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 sort 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 very really uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also review a recap and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and managing them ends up being more and more complex Worldwide companies are looking to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint many companies maintain different checking account just for payroll while some have several accounts in different nations does it make good sense for business to keep different bank accounts sometimes in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of

Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and discover how enhancing worldwide payroll payments can change them from a difficult job into a tactical asset.

due to numerous regulations, compliance requirements, data security issues, and banking rules. The large variety of staff members and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems typically result in manual procedures, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and services to simplify and enhance worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations as well as absence 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 an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of right and what does

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it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 complexity any place you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly payments no if however some infants 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 definitely fundamental and innovation is enabling us to sort of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more crucial to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re simply wanting to include increasingly more 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 sure but have you got any experience in kind of genuine challenges or real challenging sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments works 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 necessarily require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect perspective on employees it is definitely vital that it’s done correctly and on time so what we indicate 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 harmful impact on people’s well-being and many other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m uncertain 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 however ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the first International Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll option for your workers worldwide again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and reducing the number of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks

anyway we know 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state envision the amount 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 imagine getting that numerous 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 interesting job trying to clean up 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 need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everybody so carrying on look why do business pick to primary separate checking account there are Report Holidaysfrom Papaya Global organizations out there doing exactly this for particular countries and I have actually worked in an organization or many businesses doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your ideas 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 believe individuals have got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it needs altering but eventually individuals are really stuck with what they recognize

with right um change is a hard thing all of us don’t like change um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping several bank accounts however there’s a big quantity of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big but I believe the sincere response is change um people haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually constantly 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 know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture a number of challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Report Holidaysfrom Papaya Global

I find time and time again the employees often misclassified unknowingly they do not comprehend the conditions of employment or contract and are informed by the customer why it’s optimum mainly to the customer why you should be used or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee 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 actually passed they haven’t added to pensions Etc so it’s a big 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 10 years um Kathy companies are securing insurance coverage against misclassification but generally premiums are only covering the cost of legal costs whilst the typical claim assessed versus companies equates to to 40 or 50 percent of the base pay of employee 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 haven’t seen it a minimum of so uh the the other area 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 pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK