Managing payroll internationally is a challenging task … Papaya Global Company…
How much revenue does the company make? Papaya Global Company
Over the last 5 or 6 years …Papaya Global Company… roles on the supplier side and also on the supplier side from a payroll point of view so really looking forward to 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 or two to join we all 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 everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 really extremely gloomy and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and discover how enhancing worldwide payroll payments can change them from a challenging task into a tactical asset.
due to different regulations, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of combination, causing disparities and inefficiencies. In spite of residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and options to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of presence also 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 worldwide companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not require to be consisted of ideal and what does
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it need 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 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 client’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link 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 technology is permitting us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 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
The modern world positions a high value on wellness and the settlement landscape is ending up being increasingly elaborate. Companies are constantly introducing brand-new benefits and payment options, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this does not have to hold true. In today’s highly sophisticated period, there’s no validation for keeping cumbersome procedures. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ wellness and have significant consequences. Therefore, it’s vital to focus on precise and timely payments.
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll solution for your workers internationally again I believe is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was just 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 speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to get back to everybody so carrying on look why do companies select to primary different bank accounts there are Papaya Global Company companies out there doing precisely this for specific nations and I have actually worked in a service or lots of services doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s dealing with 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 quantity that we are I believe lots of factors one is it’s the standard I think individuals have got so utilized to we need a new savings 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 believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing but ultimately people are extremely stuck to what they recognize
with best um change is a difficult thing all of us do not like modification um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving several savings account however there’s a huge amount of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is big however I think the honest answer is change um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to track and this technique does posture a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed 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 workers you deserve 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 Company
I find time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of work or agreement and are informed by the customer why it’s most advantageous generally to the customer why you need to be employed or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities 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 too late years have passed they haven’t added to pensions And so on so it’s a huge effect that they never understood they were walking 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 against misclassification but normally premiums are only covering the cost of legal charges whilst the average claim examined against companies corresponds to to 40 or 50 percent 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 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 area 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK