Can I Invite Someone To Have Access To Papaya Global 2024 – Get Started

Managing payroll internationally is a difficult job … Can I Invite Someone To Have Access To Papaya Global…

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Over the last five or 6 years …Can I Invite Someone To Have Access To Papaya Global… functions on the provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type 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 originates 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 raining here it’s really really dreary and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise go over a wrap-up which ought to leave his time at the very really 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 Worldwide workforces become increasingly more typical and handling them becomes a growing number of complex Global companies are looking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint numerous companies preserve different bank account just for payroll while some have several accounts in various nations does it make sense for business to maintain separate bank accounts sometimes in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is presently 3 and a half billion individuals 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 consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very basic there’s no real consistency structure we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed 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 bad HCM data data entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be included ideal and what does

it need to be considered there’s differing Bank information 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 client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you 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 fundamental and innovation is enabling us to type of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by services across the world so again you’re simply wanting to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly state that the larger 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 really handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an effect viewpoint on employees it is definitely crucial that it’s done properly 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 most significant harmful effect on people’s wellness and many other elements if people aren’t paid uh I have actually always been surprised entering this Market sort of the last five to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the first International Payments first payroll payment service is a great preliminary step towards supplying an extensive payroll service for employees worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account required for global payroll are essential factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Eventually, we don’t do it for the thankfulness.

anyhow we know how how important a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that many 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 task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everyone so carrying on appearance why do companies select to main separate bank accounts there are Can I Invite Someone To Have Access To Papaya Global organizations out there doing precisely this for specific nations and I’ve operated in a business or lots of businesses doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing however ultimately individuals are very stuck with what they recognize

with ideal um change is a difficult thing we all do not like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining several bank accounts but there’s a substantial amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the intricacy is substantial but I believe the sincere response is modification um individuals have not been able to change or have not had necessarily 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 believe it is knowledge you understand and there is a component of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to track and this method does position a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so

I just 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 Worldwide employees you should have a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Can I Invite Someone To Have Access To Papaya Global

I discover time and time again the employees typically misclassified unwittingly they don’t understand the conditions of work or agreement and are told by the customer why it’s most advantageous primarily to the customer why you need to be employed or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s 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 walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification but usually premiums are only covering the cost of legal fees whilst the average claim assessed against companies relates to to 40 or half of the base salary of employee is there any point in getting insurance 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 in most cases I have not seen it a minimum of 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK