Ceo At Papaya Global 2024 – Get Started

Managing payroll worldwide is a daunting task … Ceo At Papaya Global…

How much revenue does the company make? Ceo At Papaya Global

Over the last 5 or six years …Ceo At Papaya Global… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 drizzling here it’s really extremely dreary and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset 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.

making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated 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 services and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really very basic there’s no real consistency framework we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included right 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 country there’s payment timespan 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 any place you look right eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more crucial to add to type of the level of intricacy there’s a growing number of advantages being organ or being offered by companies throughout the world so again you’re simply aiming to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect viewpoint on workers it is definitely crucial 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 biggest detrimental effect on people’s wellness and many other factors if people aren’t paid uh I’ve always been astonished entering this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anyone on this sort of webinar has 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 workers or not um but eventually payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however 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 essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent initial step um supplying an end-to-end payroll option for your employees internationally again I think is another huge um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses 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 regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate 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 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 role 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 picture sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies choose to main different checking account there are Ceo At Papaya Global organizations out there doing exactly this for specific countries and I’ve operated in a business or numerous services doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s managing 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 believe many reasons one is it’s the standard I think people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other ways 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 requires changing but ultimately individuals are really stuck with what they’re familiar

with ideal um modification is a hard thing all of us do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving multiple bank accounts but there’s a big amount of intricacy goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the complexity is big but I think the truthful answer is change um people haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to monitor and this method does present numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Ceo At Papaya Global

I discover time and time again the employees often misclassified unknowingly they don’t understand the conditions of work or contract and are informed by the client why it’s most advantageous primarily to the client why you need to be utilized or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a huge impact that they never knew they were strolling 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 securing insurance against misclassification however usually premiums are just covering the expense of legal costs whilst the average claim examined against companies relates to to 40 or half of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest most of the times I haven’t seen it a minimum of so uh the the other location that I do believe 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 fact that you were not in compliance with laws um in the UK