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Handling payroll worldwide is a daunting task … Papaya Global Training In Birmingham…

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Over the last 5 or six years …Papaya Global Training In Birmingham… roles on the service provider side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of 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 quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 uninspiring and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll likewise go over a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and handling them ends up being a growing number of intricate Global companies are seeking to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment viewpoint lots of companies keep separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep separate savings account often in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex procedures of

Ensuring precise, efficient, and timely payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll costs to optimize working capital, and find how improving global payroll payments can change them from a burdensome task into a strategic possession.

due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems often lead to manual processes, information silos, and an absence of combination, leading to inconsistencies and inadequacies. Despite living in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to provide insights and options to streamline and optimize worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to absence 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 an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required several processes 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 difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of ideal and what does

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it need to be thought of there’s differing Bank details 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 client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by businesses across the world so again you’re just aiming to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge 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 individuals I think yeah I indicate over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you know 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 produce extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an impact viewpoint on employees it is absolutely critical 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 have to be done right it has the biggest detrimental impact on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been surprised entering into this Market type of the last five to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only observe when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the first Global Payments very first payroll payment solution is a great preliminary step towards providing a detailed payroll solution for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account needed for global payroll are key consider attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.

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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of try to return to everybody so moving on look why do business select to main different bank accounts there are Papaya Global Training In Birmingham companies out there doing exactly this for specific nations and I’ve operated in a company or numerous organizations doing exactly that I can say it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the requirement I believe people have got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes 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 actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing however ultimately people are very stuck with what they recognize

with best um change is a tough thing we all don’t like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping several savings account however there’s a big quantity of intricacy chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is substantial however I think the truthful answer is change um individuals haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this method does present several difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Training In Birmingham

I discover time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the client why it’s optimum generally to the client why you should be utilized or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t added to pensions Etc so it’s a big effect that they never ever 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 10 years um Kathy business are securing insurance coverage versus misclassification however typically premiums are just covering the cost of legal fees whilst the typical claim evaluated versus companies equates to to 40 or 50 percent of the base salary of worker is there 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 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 stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK