Papaya Global Are They A Data Processor 2024 – Get Started

Managing payroll worldwide is a complicated job … Papaya Global Are They A Data Processor…

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Over the last 5 or six years …Papaya Global Are They A Data Processor… functions on the company side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really 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 raining here it’s extremely really bleak and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also discuss a wrap-up which ought to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them ends up being increasingly more complicated Worldwide companies are wanting to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment perspective many organizations preserve separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for business to maintain different checking account often in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex procedures of

making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs 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 however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there’s typically an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the essential 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 business face when they’re making payments to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included best and what does

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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more important to add to sort of the level of complexity there’s more and more benefits being organ or being provided by businesses 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 make certain but have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact viewpoint on workers it is definitely vital that it’s done correctly and on time so what we suggest 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 result on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all become aware of 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 think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great primary step um providing an end-to-end payroll option for your employees internationally again I believe is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and minimizing the variety of tools platforms and checking account they need 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyway we understand how how essential 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 everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na say think of the quantity 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 potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everyone so moving on look why do business pick to main separate bank accounts there are Papaya Global Are They A Data Processor businesses out there doing precisely this for particular nations and I have actually worked in a service or numerous businesses doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think individuals have got so utilized to we need a brand-new savings account we open an entity and rightly 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 standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing but ultimately people are extremely stuck with what they recognize

with ideal um change is a difficult thing all of us do not like modification um so I think it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous bank accounts but there’s a huge amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is huge but I believe the honest answer is modification um people haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to track and this technique does position a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Are They A Data Processor

I find time and time again the workers often misclassified unconsciously they don’t understand the conditions of employment or agreement and are informed by the client why it’s optimum generally to the customer why you should be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t contributed to pensions And so on so it’s a huge impact that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance versus misclassification however usually premiums are only covering the cost of legal costs whilst the average claim evaluated versus employers relates to to 40 or 50 percent of the base salary of employee exists 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 charge and interest most of the times I have not seen it at least so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK