Papaya Global Dovi 2024 – Get Started

Handling payroll internationally is an overwhelming job … Papaya Global Dovi…

How much revenue does the company make? Papaya Global Dovi

Over the last 5 or six years …Papaya Global Dovi… roles on the supplier side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind 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 sunlight is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve separate

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer 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 also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and prompt payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can change them from a burdensome job into a strategic asset.

due to various policies, compliance requirements, information security issues, and banking rules. The sheer number of workers and businesses adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to disparities and inadequacies. In spite of living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide 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 companies state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see a lack of presence likewise 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 international organizations have 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 due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely 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 difficulties business face when they’re making payments to employees or otherwise that’s a good concern I constantly 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 considered there’s differing Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely critical but all over you look with payroll payment they resemble very 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work closer together than ever um I’m always surprised when people say I have actually divided 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 an industry 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 information collection all the way through to paying individuals 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 a growing number of essential to add to sort of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so again you’re just looking to add increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times 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 a period of tech and an era that you know that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact perspective on workers it is definitely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging impact on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first International Payments very first payroll payment service is a great initial step towards providing a comprehensive payroll solution for employees worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account needed for worldwide payroll are key consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the gratitude.

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 simple as possible for everyone that’s involved in those procedures and also so picture 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 discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating 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 try to check out them and really see what was going on and kind of shot to return to everyone so carrying on look why do companies pick to primary separate checking account there are Papaya Global Dovi companies out there doing precisely this for particular nations and I have actually operated in an organization or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s dealing with that process 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 think lots of reasons one is it’s the requirement I think people have got so used to we require a new savings 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 standard and the standard individuals have actually 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 methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it needs changing however eventually people are very stuck to what they’re familiar

with ideal um modification is a difficult thing we all don’t like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining several savings account however there’s a huge quantity of intricacy goes with setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge however I think the honest response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking 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 track of and this approach does present numerous obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Dovi

I discover time and time again the workers frequently misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the client why it’s optimum generally to the client why you must be used or taken part in this fashion the worker 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 far too late years have actually gone by they haven’t contributed to pensions Etc so it’s a big 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 return as much as 10 years um Kathy business are securing insurance coverage against misclassification however generally premiums are only covering the cost of legal fees whilst the typical claim evaluated against employers relates to to 40 or half of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest for the most part I have not seen it at least 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