Papaya Global Bahamas 2024 – Get Started

Handling payroll globally is a challenging job … Papaya Global Bahamas…

How much revenue does the company make? Papaya Global Bahamas

Over the last 5 or 6 years …Papaya Global Bahamas… roles on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really bleak and I want I was somewhere else at this moment in time all right so let’s get started 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 business maintain separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them becomes more and more complicated Global companies are seeking to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective lots of organizations maintain different savings account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different bank accounts in some cases in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies simplify the episode complex procedures of

making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely very fundamental there’s no real consistency framework we’re living in an age 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 which simply blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global companies have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations as well as lack management and system setups and then when you round everything off and the information is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a great question I always toss 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 considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely critical however all over 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 kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of progress with that it likewise too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so again you’re just wanting to add more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine difficult sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly say that the bigger a company 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 info into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes 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 an era of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an impact perspective on employees it is absolutely vital that it’s done properly 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 most significant damaging result on individuals’s well-being and many other aspects if people aren’t paid uh I’ve always been astonished entering this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m unsure anyone on this kind 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 staff members or not um but ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think 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 essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is an excellent primary step um offering an end-to-end payroll solution for your staff members worldwide again I believe is another big um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 quite where they’re meant to be um I don’t think any of us are really doing that for for the thanks

anyhow we understand how how essential 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 everybody that’s involved in those processes and likewise so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and type of shot to return to everybody so moving on look why do business choose to primary separate bank accounts there are Papaya Global Bahamas businesses out there doing precisely this for particular nations and I have actually operated in a company or many organizations doing exactly that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anyone that’s handling that process 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 think many factors one is it’s the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires altering but eventually individuals are extremely stuck with what they’re familiar

with best um change is a hard thing we all don’t like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple bank accounts but there’s a big quantity of complexity goes with setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is huge however I think the sincere answer is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to track and this technique does position a number of difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you deserve a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Bahamas

I discover time and time again the workers often misclassified unconsciously they do not understand the conditions of work or contract and are informed by the client why it’s most advantageous mainly to the customer why you ought to be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and several 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 big impact that they never ever knew 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 companies are taking out insurance coverage against misclassification but generally premiums are just covering the expense of legal fees whilst the typical claim assessed versus companies relates to to 40 or half of the base salary of employee exists any point in getting 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 charge and interest most of the times I have not seen it at least so uh the the other area that I do think 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK