Papaya Global Services Pvt Ltd 2024 – Get Started

Managing payroll internationally is a challenging task … Papaya Global Services Pvt Ltd…

How much revenue does the company make? Papaya Global Services Pvt Ltd

Over the last 5 or six years …Papaya Global Services Pvt Ltd… functions on the company side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of 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 rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was somewhere else 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 obstacle years of handling International payroll why companies maintain separate

Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most notably policies compliance data security and banking guidelines then there are the large numbers they include further complexity the international Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating number of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely very fundamental there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations as well as 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 an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be included best 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 amount of time there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to sort of progress with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 typically 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more important to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just aiming to include more and more payments to this already complicated landscape so if you kind 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 real obstacles or genuine tough sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would absolutely state 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 task there are groups feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense perspective from an effect perspective on workers it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Worldwide Payments first payroll payment option is a fantastic preliminary step towards providing a detailed payroll service for workers worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and bank accounts needed for worldwide payroll are crucial factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Ultimately, we do not do it for the gratitude.

anyhow we know 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 everyone that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t imagine 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 kind of try to get back to everyone so carrying on appearance why do business choose to primary different bank accounts there are Papaya Global Services Pvt Ltd organizations out there doing exactly this for particular countries and I have actually worked in a company or lots of organizations doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe 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 believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires looking at it needs altering however eventually individuals are extremely stuck to what they recognize

with right um change is a hard thing we all do not like modification um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping multiple savings account but there’s a substantial amount of complexity opts for setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is big but I believe the truthful answer is modification um people have not been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking 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 but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does position several challenges um so Johnny might you tell us about those difficulties yeah of course 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 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 workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Services Pvt Ltd

I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the client why it’s optimum primarily to the client why you ought 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 advantages of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions Etc so it’s a huge impact that they never knew 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 versus misclassification but normally premiums are just covering the expense of legal fees whilst the average claim evaluated against employers relates to to 40 or half of the base pay of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the coverage 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 fact that you were not in compliance with laws um in the UK