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Handling payroll internationally is a complicated task … Backing Up Papaya Global…

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Over the last five or 6 years …Backing Up Papaya Global… roles on the supplier side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I want I was somewhere else 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 challenge years of handling International payroll why companies maintain separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Making sure accurate, efficient, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business anticipate payroll expenses to optimize working capital, and discover how streamlining international payroll payments can transform them from a challenging job into a tactical possession.

due to various policies, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and services adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.

Standard payroll systems often lead to manual procedures, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize worldwide payroll payments.

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 data in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in international payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash 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 viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be included best and what does

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it need to be thought of there’s varying 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 absolutely basic and technology is allowing us to kind of progress with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation 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 process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of essential to add to type of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re simply looking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine difficult kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they just 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 age that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact point of view on workers it is absolutely 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 need to be done right it has the greatest damaging impact on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as 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 properly so leveraging the very first International Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll solution for your staff members globally again I believe is another big um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and checking account they need for their Worldwide 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks

anyhow we understand how how important 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 associated with those procedures and likewise so envision sorry I’m simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that many 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 an intriguing task trying 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 attempt to browse them and really see what was going on and sort of try to return to everybody so proceeding appearance why do business select to main separate checking account there are Backing Up Papaya Global businesses out there doing exactly this for particular countries and I have actually operated in a service or many companies doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas 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 believe people have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually 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 numerous other methods um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however eventually people are extremely stuck to what they recognize

with best um modification is a hard thing we all do not like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining numerous savings account however there’s a huge quantity of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is huge but I believe the sincere response is modification um individuals haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect 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 might practically be figured out to be the next Century approximately there is a lot to monitor and this technique does present several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so

I simply did you changed our Business 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 Worldwide employees you are worthy of a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Backing Up Papaya Global

I discover time and time again the employees typically misclassified unwittingly they don’t understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you need to be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions Etc so it’s a huge effect 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 business are securing insurance versus misclassification but usually premiums are only covering the cost of legal costs whilst the typical claim evaluated against companies equates to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest for the most part I have not 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 stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK