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Handling payroll worldwide is a difficult job … Papaya Global Pension Settings…

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Over the last five or 6 years …Papaya Global Pension Settings… roles on the company side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind 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 truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very dreary and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business maintain different

Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include more complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 worldwide in the standard payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or very really standard there’s no real consistency framework we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever 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 provides me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors improperly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the necessary multiple procedures 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 difficulties company face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t require to be consisted of right and what does

it need to be thought of there’s varying Bank information 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 complexity anywhere you look right eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if however 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 recognition that payroll payments are absolutely basic and technology is allowing us to kind of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you walk 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 an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being offered by companies across the world so again you’re simply aiming to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups 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 but 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 need to create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any organization has from a cost point of view from an effect point of view on employees it is definitely important 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 have to be done right it has the biggest harmful result on people’s well-being and lots of other aspects if people aren’t paid uh I have actually always been astonished entering this Market kind of the last five to 10 years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent 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. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the first Global Payments first payroll payment option is a fantastic initial step towards providing a thorough payroll service for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and bank accounts essential for worldwide payroll are essential factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Ultimately, we do not do it for the appreciation.

anyhow we understand 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 simple as possible for everyone that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say think of 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 speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying 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 try to look through them and actually see what was going on and type of try to get back to everyone so carrying on look why do business pick to primary different savings account there are Papaya Global Pension Settings companies out there doing exactly this for particular nations and I have actually worked in a service or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s handling that procedure 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 believe many factors one is it’s the standard I believe people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are extremely stuck to what they’re familiar

with right um change is a difficult thing all of us don’t like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving several bank accounts but there’s a huge quantity of intricacy opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the complexity is substantial however I believe the honest answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does posture numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I just recently made a modification 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 gained another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Pension Settings

I find time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s optimum primarily to the customer why you ought to be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and numerous 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 Etc so it’s a big effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance coverage versus misclassification however typically premiums are just covering the expense of legal costs whilst the typical claim evaluated versus employers relates to to 40 or half of the base pay of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other location 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 truth that you were not in compliance with laws um in the UK