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Managing payroll globally is a difficult job … Papaya Global Tutorial…

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Over the last 5 or six years …Papaya Global Tutorial… roles on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone 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 rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 really very uninspiring and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a recap and that should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them ends up being more and more complicated Worldwide organizations are wanting to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint many organizations maintain separate checking account just for payroll while some have several accounts in different countries does it make sense for companies to keep different checking account sometimes in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex procedures of

making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they include more intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really basic there’s no real consistency framework we’re living in a period of tech however 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 which simply blows my mind every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the required several 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 challenges service face when they’re paying to staff members or otherwise that’s a good concern I constantly toss this back and say what is it what does not require to be included best and what does

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it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely critical however 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 take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high worth on wellness and the settlement landscape is becoming increasingly elaborate. Businesses are constantly introducing new benefits and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technologically innovative era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s most significant cost, should be processed properly and on time. Even slight hold-ups can negatively impact workers’ well-being and have significant repercussions. For that reason, it’s crucial to focus on accurate and timely payments.

payroll team get um so I’m uncertain anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe 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 stuff is done properly so leveraging the very first International Payments first payroll payment option is a great initial step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their Worldwide 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 had a hundred thousand of them within a payroll cycle do not 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 meant 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 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 associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of try to get back to everyone so carrying on look why do business select to primary separate bank accounts there are Papaya Global Tutorial businesses out there doing precisely this for specific countries and I have actually worked in a service or many organizations doing precisely that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and any person that’s dealing with 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 requirement I think individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people 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 think this is a procedure that requires looking at it needs altering but eventually people are really stuck with what they’re familiar

with best um change is a challenging thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining numerous bank accounts however there’s a big quantity of complexity chooses setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is substantial but I think the honest answer is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this technique does posture several difficulties um so Johnny could you inform 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 Global staff members you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tutorial

I discover time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of employment or contract and are told by the client why it’s most advantageous primarily to the customer why you need to be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions Etc so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance versus misclassification however generally premiums are only covering the expense of legal charges whilst the average claim evaluated against companies equates to to 40 or half of the base salary of employee exists 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 in many cases 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK