Papaya Global Letmein 2024 – Get Started

Handling payroll internationally is a complicated task … Papaya Global Letmein…

How much revenue does the company make? Papaya Global Letmein

Over the last five or six years …Papaya Global Letmein… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type 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 kind of like see where everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was elsewhere at this moment in time fine 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 managing Worldwide payroll why business preserve different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap which must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and handling them ends up being increasingly more complex Worldwide organizations are aiming to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment perspective many companies keep separate savings account just for payroll while some have several accounts in various nations does it make sense for business to preserve separate bank accounts often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies improve the episode complex processes of

making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they add additional intricacy the international Workforce is currently 3 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely really standard there’s no genuine consistency framework we’re residing 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 typically with pen and paper which simply blows my mind whenever I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a company spends on global payroll the less of an image they see a lack of presence also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global services have 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 poor HCM data information entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be included ideal and what does

it require to be thought of 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 abilities 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 any place you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and technology is permitting us to sort of progress with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely crucial that payroll and finance groups work better together than ever um I’m always amazed when individuals 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 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re just looking to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups 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 but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from an expense point of view from an impact perspective on staff members it is definitely important 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 individuals’s well-being and numerous other factors if people aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first International Payments first payroll payment solution is an excellent initial action towards offering an extensive payroll option for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and savings account needed for worldwide payroll are crucial consider achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as planned. Ultimately, we do not do it for the appreciation.

anyway we know 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of shot to return to everyone so moving on look why do companies select to main separate checking account there are Papaya Global Letmein companies out there doing exactly this for specific countries and I’ve operated in a company or numerous businesses doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced 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 many other ways um to to type of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize

with best um change is a tough thing we all do not like modification um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving multiple savings account however there’s a big quantity of intricacy opts for setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge however I believe the sincere answer is change um people have not been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to monitor and this technique does posture several challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety 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 workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Letmein

I find time and time again the employees often misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the customer why it’s optimum mainly to the client why you should be used or engaged in this fashion 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 have not 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 example hmrc can go back as much as ten years um Kathy business are getting insurance against misclassification however usually premiums are just covering the cost of legal charges whilst the average claim assessed against companies relates to to 40 or half of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in many cases I haven’t seen it at least so uh the the other area 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK