Eas Papaya Global 2024 – Get Started

Managing payroll internationally is a challenging job … Eas Papaya Global…

How much revenue does the company make? Eas Papaya Global

Over the last 5 or six years …Eas Papaya Global… roles on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes 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 really extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies preserve different

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they add more intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s often an overwhelming variety of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very extremely standard there’s no real consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that 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 only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they count on the essential numerous processes 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 business face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does

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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 country there’s payment amount of time 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 complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they are like extremely payments no if however 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 definitely essential and innovation is allowing us to kind of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more essential to add to type of the level of complexity there’s increasingly more advantages being organ or being provided by businesses across the world so once again you’re just seeking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not always need 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 simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact point of view on workers it is absolutely critical that it’s done correctly 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 greatest harmful result on people’s wellness and many other aspects if people aren’t paid uh I’ve always been amazed entering into this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but 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 absolutely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a great primary step um providing an end-to-end payroll solution for your staff members internationally once again I think is another huge um process again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of businesses and lowering the number of tools platforms and bank accounts 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 thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks

anyhow we know 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 easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to get back to everybody so carrying on appearance why do business select to main separate bank accounts there are Eas Papaya Global organizations out there doing exactly this for particular nations and I’ve worked in an organization or numerous services doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for any person 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 believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and rightly 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 just been the requirement and the standard the people have adopted 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 numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering however eventually individuals are really stuck with what they’re familiar

with ideal um modification is a tough thing all of us do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping numerous savings account however there’s a big quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I believe the honest answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so

I simply 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 International workers you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Eas Papaya Global

I find time and time again the workers typically misclassified unconsciously they don’t comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the client why you should 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 far too late years have passed they haven’t contributed to pensions Etc so it’s a huge effect that they never understood 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 coverage versus misclassification but usually premiums are just covering the expense of legal costs whilst the typical claim assessed versus companies equates to to 40 or half of the base pay of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest most of the times I haven’t seen it at least so uh the the other area that I do believe if you managed to get the protection what we are stating 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