Managing payroll worldwide is a daunting task … Papaya Global Netsuite…

How much revenue does the company make? Papaya Global Netsuite

Over the last five or 6 years …Papaya Global Netsuite… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them becomes a growing number of complex Global organizations are looking to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment perspective many organizations preserve different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep separate bank accounts sometimes in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of

making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include more intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated 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 companies and growing all doing their own thing all over the world in the standard payroll model there’s typically a frustrating number of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of right and what does

it need to be considered there’s differing 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 abilities 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 complexity anywhere you look ideal eventually building a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 basic and technology is permitting us to sort of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure 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

world we live in and well-being being a growing number of essential to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so again you’re just wanting to add increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely 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 groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we mean 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 destructive impact on individuals’s wellness and many other factors if people aren’t paid uh I have actually constantly been impressed entering this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this kind of webinar has been informed 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 employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 definitely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll option for your workers internationally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and savings account 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 do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we understand how how essential a role 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to return to everybody so proceeding look why do business choose to primary separate checking account there are Papaya Global Netsuite services out there doing precisely this for particular countries and I’ve operated in an organization or lots of organizations doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anyone that’s handling 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 quantity that we are I think numerous factors one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are really stuck to what they recognize

with ideal um modification is a tough thing we all do not like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping numerous checking account but there’s a big quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is huge but I believe the honest response is modification um individuals have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this approach does position a number of challenges um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Netsuite

I discover time and time again the workers typically misclassified unconsciously they don’t understand the conditions of work or contract and are informed by the client why it’s most advantageous generally to the customer why you ought to be used or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification however generally premiums are only covering the expense of legal costs whilst the typical claim assessed against employers relates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest most of the times I haven’t 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 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

Handling payroll worldwide is a daunting job … Papaya Global Netsuite…

How much revenue does the company make? Papaya Global Netsuite

Over the last five or 6 years …Papaya Global Netsuite… roles on the company side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among 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 interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also discuss a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and managing them ends up being more and more complex Worldwide organizations are aiming to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint many organizations keep different savings account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain different bank accounts often in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex processes of

Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a troublesome task into a tactical property.

due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Standard payroll systems often lead to manual procedures, data silos, and an absence of combination, causing inconsistencies and inefficiencies. Despite residing in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and services to streamline and enhance international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included best and what does

it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super payments no if but some babies 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 acknowledgment that payroll payments are absolutely essential and innovation is allowing us to type of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being offered by businesses across the world so again you’re simply seeking to include more and more payments to this currently complex landscape so if you kind 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 real challenges or genuine tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger an organization 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 information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any company has from an expense viewpoint from an effect point of view on staff members it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive result on people’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll solution for your employees worldwide again I think is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and lowering the number 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not think any of us are actually doing that for for the thanks

anyway 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean up 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 attempt to check out them and really see what was going on and type of shot to get back to everyone so moving on look why do companies choose to primary separate savings account there are Papaya Global Netsuite companies out there doing precisely this for specific countries and I have actually operated in a company or numerous companies doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering but eventually people are very stuck with what they’re familiar

with best um modification is a challenging thing all of us do not like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous bank accounts however there’s a substantial quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for specific people so the complexity is big however I believe the honest answer is modification um people haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Netsuite

I discover time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of work or contract and are told by the client why it’s optimum mainly to the customer why you must be utilized or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee 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 actually gone by they have not contributed to pensions And so on so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are getting insurance against misclassification but usually premiums are only covering the cost of legal charges whilst the average claim evaluated against companies relates to to 40 or 50 percent of the base salary of worker is there any point in securing 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 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK