Papaya Global Haiti 2024 – Get Started

Handling payroll internationally is a complicated job … Papaya Global Haiti…

How much revenue does the company make? Papaya Global Haiti

Over the last five or 6 years …Papaya Global Haiti… roles on the service provider side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly 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 all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a recap which must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and handling them becomes more and more complicated Global companies are wanting to find Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain separate bank accounts often in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies simplify the episode complex processes of

Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and discover how streamlining international payroll payments can change them from a troublesome task into a strategic asset.

due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and companies adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems frequently lead to manual processes, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Despite residing in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and services to streamline and optimize international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international businesses have expressed 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 bad HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be included best 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 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 fundamental and innovation is allowing us to type of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 individuals any place they are however 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 add to sort of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so once again you’re just aiming to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or real challenging kind of pay utilizes to play to pay people I believe yeah I suggest 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 groups doing one part of the task there are groups feeding details into the next function as it were that’s actually managing 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 know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they require 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 viewpoint from an impact perspective on workers it is absolutely important 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 need to be done right it has the most significant damaging effect on individuals’s wellness and many other factors if people aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent first step um offering an end-to-end payroll option for your workers internationally again I think is another substantial um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and checking account they require for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks

anyhow we understand 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and sort of try to get back to everyone so carrying on look why do business choose to main separate bank accounts there are Papaya Global Haiti services out there doing precisely this for specific countries and I have actually operated in an organization or numerous companies doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe people have got so utilized to we need 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 individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it needs changing but ultimately individuals are really stuck to what they’re familiar

with ideal um change is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving multiple savings account however there’s a substantial amount of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is substantial however I believe the sincere answer is change um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe 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 but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this method does position several obstacles um so Johnny could you inform us about those obstacles 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Haiti

I find time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the client why it’s optimum primarily to the customer why you need to be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee 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 haven’t contributed to pensions Etc so it’s a big impact that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance versus misclassification but typically premiums are only covering the cost of legal charges whilst the average claim examined versus employers relates to to 40 or half of the base salary of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK