Papaya Global Payment Frquency 2024 – Get Started

Managing payroll worldwide is a daunting task … Papaya Global Payment Frquency…

How much revenue does the company make? Papaya Global Payment Frquency

Over the last 5 or 6 years …Papaya Global Payment Frquency… functions on the company side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 very bleak and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and managing them becomes more and more complex Worldwide organizations are looking to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment perspective numerous companies keep separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate bank accounts often in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex procedures of

making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is currently three 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 presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating variety of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency structure we’re living in an age 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 just blows my mind every time I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t need to be consisted of ideal and what does

it require to be thought of there’s differing Bank information 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more crucial to add to sort of the level of intricacy there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re just looking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely state that the bigger an organization 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 groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact point of view on workers it is definitely crucial that it’s done properly and on time so what we indicate 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 destructive effect on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply 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 essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a terrific first step um offering an end-to-end payroll service for your staff members globally again I think is another huge um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and decreasing the variety of tools platforms and checking account they need for their Global 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 have actually never had a hundred thousand of them within a payroll cycle do not expect 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 don’t believe any of us are in fact doing that for for the thanks

anyway we know how how important a role 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting 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 was the case um you ‘d need days of the week to try to look through them and actually see what was going on and type of shot to return to everybody so moving on appearance why do business pick to primary separate bank accounts there are Papaya Global Payment Frquency organizations out there doing precisely this for particular nations and I have actually operated in an organization or numerous businesses doing exactly that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not creating additional work for anyone where we don’t have to and anybody 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 many reasons one is it’s the requirement I think people have got so utilized to we require a brand-new bank 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 adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately individuals are very stuck to what they’re familiar

with right um change is a hard thing we all do not like change um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving multiple bank accounts but there’s a substantial amount of intricacy chooses establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is huge but I believe the honest response is modification um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep track of and this technique does present a number of obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a range right there is so

I just 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 Global workers you deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payment Frquency

I discover time and time again the employees frequently misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s most advantageous primarily to the client why you ought to be utilized or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected 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 contributed to pensions And so on so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you say 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 just covering the cost of legal costs whilst the typical claim examined versus employers relates to to 40 or 50 percent of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to read 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 area 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 pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK