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Managing payroll worldwide is a challenging task … Gdpr Papaya Global Data…

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Over the last five or 6 years …Gdpr Papaya Global Data… roles on the supplier side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really 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 really extremely dreary and I want I was elsewhere at this moment in time okay 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 Worldwide payroll why companies preserve different

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset 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 precisely efficiently safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most notably policies compliance information security and banking rules then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 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 big quantities and or really extremely basic there’s no real consistency structure we’re residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of 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 nation there’s payment amount of time 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 customer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and innovation is permitting us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on well-being and the compensation landscape is becoming progressively detailed. Organizations are continually introducing brand-new benefits and payment alternatives, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced age, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s biggest cost, need to be processed properly and on time. Even slight hold-ups can negatively affect staff members’ wellness and have far-reaching effects. For that reason, it’s crucial to prioritize precise and prompt payments.

payroll team get um so I’m uncertain anyone 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 essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe 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 important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a terrific primary step um offering an end-to-end payroll option for your workers internationally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of organizations and lowering the number of tools platforms and bank accounts they require for their Global payroll too couldn’t 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 countless 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 complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are really doing that for for the thanks

anyway we know how how crucial a function 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 involved in those procedures and also so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and sort of shot to get back to everyone so moving on look why do companies select to primary different bank accounts there are Gdpr Papaya Global Data companies out there doing exactly this for specific nations and I’ve worked in a service or numerous organizations doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anybody 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 lots of factors one is it’s the requirement I think individuals have got so used to we require a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it needs changing but ultimately people are very stuck to what they’re familiar

with best um modification is a hard thing we all 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 stuff um I comprehend certainly the advantages of having maintaining numerous bank accounts however there’s a huge amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is big however I think the honest answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep track of and this approach does present a number of obstacles um so Johnny could you inform us about those difficulties 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 Worldwide employees you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Gdpr Papaya Global Data

I discover time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of work or contract and are told by the customer why it’s most advantageous primarily to the customer why you must be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they have not contributed to pensions Etc so it’s a big effect that they never ever understood they were strolling 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 business are securing insurance coverage against misclassification however typically premiums are only covering the cost of legal costs whilst the average claim evaluated versus employers relates to to 40 or 50 percent of the base pay of worker exists 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 for the most part I have not seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK