Israelbased Papaya Global Microsoft Intel 45M 2024 – Get Started

Managing payroll globally is a complicated task … Israelbased Papaya Global Microsoft Intel 45M…

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Over the last five or six years …Israelbased Papaya Global Microsoft Intel 45M… roles on the company side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give 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 sort of let them do that so it ‘d be quite 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 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 extremely really dreary and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve separate

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate 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 hard in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely really standard there’s no real consistency framework we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of international organizations have revealed 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 due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included ideal and what does

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it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely fundamental and innovation is enabling us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more important to add to kind of the level of intricacy there’s more and more advantages being organ or being provided by services across the world so once again you’re just looking to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades 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 teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos 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 era of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an impact perspective on workers it is definitely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental result on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been amazed entering into this Market type of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this type of webinar has been informed 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 workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as 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 first Worldwide Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your employees globally again I believe is another big um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and reducing the variety of tools platforms and checking account they require for their Global payroll too couldn’t 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 five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks

anyhow we understand how how important a role 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 procedures and also so think of sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can’t envision 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 try to get back to everyone so moving on appearance why do companies select to primary separate savings account there are Israelbased Papaya Global Microsoft Intel 45M businesses out there doing exactly this for particular nations and I’ve operated in a business or lots of services doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe people have actually got so used to we require a new savings account we open an entity and appropriately 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 just been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs altering however ultimately people are really stuck to what they’re familiar

with right um change is a tough thing all of us do not like change 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 obviously the advantages of having maintaining multiple checking account however there’s a huge amount of intricacy goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge however I think the honest answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does pose several challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Israelbased Papaya Global Microsoft Intel 45M

I discover time and time again the workers typically misclassified unconsciously they don’t comprehend the conditions of work or agreement and are told by the client why it’s most advantageous primarily to the client why you need to be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker 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 passed they have not added to pensions Etc so it’s a huge effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance against misclassification but normally premiums are just covering the cost of legal fees whilst the average claim evaluated against employers corresponds to to 40 or half of the base salary of worker is there any point in getting insurance 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 charge and interest for the most part 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK