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Managing payroll worldwide is a challenging job … Wikipedia Papaya Global Payroll…

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Over the last five or six years …Wikipedia Papaya Global Payroll… functions on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 extremely bleak and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also review a recap and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them ends up being more and more complex Global organizations are looking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint numerous companies maintain different savings account just for payroll while some have multiple accounts in different countries does it make sense for business to preserve different savings account often in various nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of

Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and discover how streamlining international payroll payments can transform them from a challenging job into a tactical asset.

due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.

Conventional payroll systems typically result in manual procedures, information silos, and an absence of combination, resulting in disparities and inadequacies. In spite of living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and solutions to simplify and enhance global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not need to be included right and what does

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it require to be thought about there’s differing 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 abilities 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 consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data 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

The contemporary world puts a high value on well-being and the settlement landscape is ending up being increasingly intricate. Organizations are continuously presenting brand-new advantages and payment alternatives, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technically advanced age, there’s no validation for keeping cumbersome treatments. Payroll, the business’s most significant cost, need to be processed properly and on time. Even small delays can negatively affect workers’ wellness and have significant consequences. Therefore, it’s important to focus on accurate and prompt payments.

payroll team get um so I’m not sure anyone on this sort of webinar has been informed 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 however eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is an excellent first step um supplying an end-to-end payroll solution for your employees worldwide once again I think is another big um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of services and reducing the number of tools platforms and bank accounts they require for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks

anyhow we know how how crucial 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 involved in those procedures and likewise so envision sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly 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 however it would absolutely be an interesting task attempting to clean 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 require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everybody so moving on appearance why do business pick to main different bank accounts there are Wikipedia Papaya Global Payroll businesses out there doing precisely this for specific nations and I’ve operated in a business or lots of services doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing 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 think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a 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 requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing however eventually people are extremely stuck with what they recognize

with best um modification is a hard thing all of us do not like change um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having preserving numerous savings account but there’s a big amount of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the intricacy is huge but I think the truthful answer is change um individuals have not had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this technique does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously 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 Worldwide employees you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Wikipedia Papaya Global Payroll

I find time and time again the employees typically misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the client why it’s most advantageous mainly to the client why you ought to be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee 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 actually gone by they have not contributed to pensions Etc so it’s a huge impact that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification however normally premiums are only covering the cost of legal fees whilst the typical claim assessed against employers relates to to 40 or half of the base pay of worker exists 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 in most cases I haven’t seen it a minimum of 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 rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK