Auto Enrolment And Papaya Global 2024 – Get Started

Handling payroll worldwide is a difficult task … Auto Enrolment And Papaya Global…

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Over the last five or six years …Auto Enrolment And Papaya Global… roles on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind 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 everyone originates from and I actually 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 drizzling here it’s very really dreary and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies keep separate

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to optimize working capital, and find how improving worldwide payroll payments can change them from a challenging task into a strategic property.

due to various policies, compliance requirements, information security issues, and banking rules. The sheer number of workers and businesses adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems often lead to manual processes, data silos, and an absence of integration, causing disparities and inadequacies. Regardless of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and services to streamline and enhance worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a company spends on global payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the necessary multiple processes 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 workers or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included ideal and what does

it need to be considered there’s differing 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look best eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like super 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 fundamental and innovation is permitting us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 often split and cut up um ultimately 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 3rd parties so with the

world we live in and well-being being increasingly more crucial to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by businesses across the world so once again you’re just seeking to add a growing number of payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine challenges or real difficult kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an effect point of view on workers 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 need to be done right it has the most significant harmful impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually constantly been impressed entering 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 anyone on this type of webinar has been told 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 employees or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is a great first step um supplying an end-to-end payroll service for your employees worldwide again I believe is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and savings account they require for their International 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand 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 everyone that’s involved in those processes and also so picture sorry I’m just I was simply 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 picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean 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 attempt to browse them and really see what was going on and sort of try to get back to everyone so proceeding look why do business select to main different bank accounts there are Auto Enrolment And Papaya Global organizations out there doing exactly this for particular countries and I’ve operated in a company or many businesses doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t need to and anyone 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 quantity that we are I think many reasons one is it’s the standard I believe individuals 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 norm the people have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing but ultimately individuals are extremely stuck with what they recognize

with best um change is a difficult thing we all do not like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving multiple savings account however there’s a huge amount of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big but I think the honest response is modification um people haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or so there is a lot to monitor and this method does pose a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I simply did you switched 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 International employees you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Auto Enrolment And Papaya Global

I find time and time again the workers typically misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the customer why it’s optimum generally to the client why you must be employed or participated 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 big impact that they never 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 ten years um Kathy companies are taking out insurance against misclassification but usually premiums are only covering the cost of legal fees whilst the average claim assessed against companies corresponds 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 check out the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK