Papaya Global Payroll. 2024 – Get Started

Managing payroll worldwide is a complicated job … Papaya Global Payroll….

How much revenue does the company make? Papaya Global Payroll.

Over the last 5 or 6 years …Papaya Global Payroll…. roles on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s drizzling here it’s really really bleak and I wish 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 looking at the difficulty years of handling Global payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll likewise review a wrap-up and that must leave his time at the very very 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 labor forces end up being a growing number of common and managing them ends up being a growing number of intricate Worldwide organizations are wanting to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment perspective numerous organizations preserve different savings account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different bank accounts often in various 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 assisting international companies improve the episode complex processes of

making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient 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 notably regulations compliance data security and banking guidelines then there are the large numbers they add further complexity the global Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating variety of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or really really standard there’s no genuine consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often 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 businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a company invests in international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations 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 mistakes are due to time reporting bad HCM data information entry errors improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed multiple 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 obstacles company face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be consisted of ideal and what does

it require 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 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 right ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to type of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so once again you’re simply aiming to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things however you understand 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 develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era 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 appropriately as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect viewpoint on staff members 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 biggest destructive impact on people’s well-being and many other elements if individuals aren’t paid uh I have actually always been surprised entering this Market type of the last five to ten years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Worldwide Payments first payroll payment solution is a terrific preliminary step towards offering a comprehensive payroll service for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts needed for worldwide payroll are key consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as planned. Eventually, we do not do it for the thankfulness.

anyway we understand how how important 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everybody so proceeding look why do companies pick to primary separate checking account there are Papaya Global Payroll. organizations out there doing exactly this for specific countries and I’ve worked in a service or lots of organizations doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anybody where we do not have 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 reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new savings 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 simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing but eventually people are very stuck with what they recognize

with right um modification is a hard thing we all don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining several checking account but there’s a big amount of intricacy opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is big however I believe the sincere answer is modification um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than 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 an element of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does position several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I just 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 feels like our CFO has gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll.

I discover time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of employment or agreement and are told by the client why it’s most advantageous mainly 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 health care opportunities of the employee can be impacted and numerous 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 added to pensions Etc so it’s a huge impact 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 go back as much as ten years um Kathy business are securing insurance coverage versus misclassification however normally premiums are only covering the expense of legal fees whilst the typical claim assessed versus companies relates to to 40 or 50 percent of the base pay of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK

Papaya Global.Payroll 2024 – Get Started

Managing payroll internationally is an overwhelming job … Papaya Global.Payroll…

How much revenue does the company make? Papaya Global.Payroll

Over the last five or six years …Papaya Global.Payroll… functions on the service provider side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer 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 sort of let them do that so it ‘d be rather fascinating 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 everybody comes from and I actually do hope it’s much sunnier than it is 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 very very gloomy 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 looking at the challenge years of managing Worldwide payroll why business keep separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise go over a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them ends up being more and more intricate International organizations are aiming to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep different savings account often in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of

making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance data security and banking rules then there are the large numbers they add more complexity the worldwide Labor force is currently three 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no real consistency framework we’re residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide companies have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors improperly communicated hires and terminations as well as absence management and system configurations and then when you round everything 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 once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the necessary several processes 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 challenges service face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be included best and what does

it need 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 timespan 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 customer’s own in-country account so there’s complexity wherever you look best eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more crucial to add to type of the level of complexity there’s more and more advantages being organ or being offered by businesses throughout the world so again you’re simply seeking to add more and more payments to this currently intricate landscape so if you sort 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 genuine difficulties or real challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things but 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 create additional handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an effect point of view on staff members it is absolutely crucial 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 biggest harmful impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market type of the last five to 10 years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first International Payments first payroll payment service is a great preliminary step towards offering an extensive payroll solution for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and checking account required for global payroll are key factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.

anyhow we understand how how important 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of shot to return to everyone so moving on appearance why do business select to primary different bank accounts there are Papaya Global.Payroll businesses out there doing precisely this for particular countries and I’ve operated in a company or numerous organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing however ultimately individuals are very stuck with what they’re familiar

with right um modification is a hard thing we all do not like change um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping multiple savings account but there’s a big quantity of complexity opts for 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 private individuals so the complexity is huge but I think the truthful response is change um individuals haven’t had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to monitor and this approach does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously 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 International workers you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global.Payroll

I find time and time again the employees frequently misclassified unconsciously they do not understand the conditions of employment or agreement and are told by the client why it’s most advantageous mainly to the customer why you need to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted 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 passed they have not added to pensions Etc so it’s a huge effect that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification but usually premiums are just covering the expense of legal charges whilst the average claim assessed versus companies corresponds to to 40 or half of the base salary of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read 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 stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK

Papaya Global Payroll 2024 – Get Started

Managing payroll internationally is a difficult job … Papaya Global Payroll…

How much revenue does the company make? Papaya Global Payroll

Over the last 5 or 6 years …Papaya Global Payroll… functions on the provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone 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 remains in the UK today certainly 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 want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them becomes increasingly more intricate Worldwide organizations are looking to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment standpoint many organizations keep separate bank account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain separate bank accounts often in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and find how simplifying international payroll payments can transform them from a burdensome job into a tactical possession.

due to various policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems often lead to manual procedures, data silos, and a lack of integration, causing inconsistencies and inefficiencies. Despite living in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and services to simplify and enhance international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on international payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global 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 errors are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the essential multiple procedures 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 company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not 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 country there’s payment timespan 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 complexity wherever you look ideal eventually building a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 permitting us to type of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work better together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more essential to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so again you’re just looking to add a growing number of payments to this already complicated landscape so if you kind 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 genuine difficult type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact point of view on staff members it is absolutely critical that it’s done properly 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 most significant damaging impact on individuals’s well-being and many other elements if individuals aren’t paid uh I’ve always been impressed entering into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a terrific first step um offering an end-to-end payroll solution for your staff members globally again I believe is another substantial um process again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and checking account they require for their International payroll too couldn’t 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 do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks

anyway we understand how how crucial 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 everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to return to everyone so proceeding look why do business pick to primary different checking account there are Papaya Global Payroll services out there doing precisely this for particular countries and I’ve worked in an organization or many services doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t have to and any person that’s managing that procedure 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 believe many factors one is it’s the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires altering but ultimately individuals are really stuck with what they’re familiar

with best um modification is a challenging thing we all don’t like modification um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several checking account but there’s a substantial quantity of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is substantial but I believe the truthful answer is modification um individuals have not had the ability to change or haven’t had necessarily the knowledge to truly 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 element of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does position numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Payroll

I find time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the customer why you ought to be used or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and numerous 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 added to pensions And so on so it’s a big impact that they never 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 ten years um Kathy business are taking out insurance coverage against misclassification however typically premiums are only covering the expense of legal costs whilst the typical claim assessed versus employers equates to to 40 or half of the base pay of worker is there any point in taking out insurance coverage 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 in many cases 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 stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK