Download Papaya Global 50 2024 – Get Started

Managing payroll globally is an overwhelming task … Download Papaya Global 50…

How much revenue does the company make? Download Papaya Global 50

Over the last five or 6 years …Download Papaya Global 50… roles on the service provider side and also on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating 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 everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they add further complexity the international Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 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 around the globe in the standard payroll model there’s often a frustrating variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really extremely standard there’s no real consistency structure we’re living in an era of tech but 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 offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location 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 all over the world payroll and payments do not run efficiently if they depend on the necessary numerous 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 difficulties service face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included best and what does

it require to be thought of there’s varying Bank information 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 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 wherever you look right eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also 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 kind of the level of complexity there’s a growing number of benefits being organ or being used by services throughout the world so once again you’re simply aiming to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real difficult kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a service 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 teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an era 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 most significant liability that any company has from an expense perspective from an impact viewpoint on staff members it is definitely important 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 have to be done right it has the greatest damaging effect on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a great primary step um supplying an end-to-end payroll solution for your staff members globally once again I think is another huge um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and savings account they need for their International 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks

anyhow we know how how essential a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying 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 require days of the week to try to browse them and really see what was going on and type of shot to get back to everybody so moving on look why do business choose to primary different savings account there are Download Papaya Global 50 businesses out there doing precisely this for particular nations and I have actually operated in an organization or lots of companies doing exactly that I can say it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anybody that’s managing 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 amount that we are I think lots of factors one is it’s the requirement I think individuals have actually got so utilized to we require a new bank 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 just been the standard and the standard the people have adopted and continue to do over years and years passed by to add 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 think there’s a range I believe this is a procedure that requires looking at it needs changing however ultimately people are very stuck with what they recognize

with right um change is a hard thing we all don’t like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping numerous savings account however there’s a huge amount of complexity chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is substantial however I think the truthful answer is change um people have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to monitor and this method does present several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so

I simply did you switched 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 Worldwide staff members you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Download Papaya Global 50

I discover time and time again the workers often misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the customer why you should be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 far too late years have actually passed they have not contributed to pensions Etc so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are getting insurance against misclassification however typically premiums are only covering the cost of legal charges whilst the average claim assessed versus companies corresponds to to 40 or half of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other location 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 protection on the basis of the fact that you were not in compliance with laws um in the UK