Managing payroll globally is a complicated task … Papaya Global. Com…

How much revenue does the company make? Papaya Global. Com

Over the last five or six years …Papaya Global. Com… functions on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type 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 drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep different

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining separate checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a challenging job into a tactical possession.

due to different policies, compliance requirements, information security issues, and banking guidelines. The large variety of workers and services contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Conventional payroll systems typically result in manual procedures, information silos, and a lack of integration, causing disparities and ineffectiveness. Despite living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to streamline and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of a worldwide data 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 smoothly if they depend on the necessary multiple procedures 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 obstacles organization face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be included right and what does

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 country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have 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 ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more crucial to contribute to sort of the level of complexity there’s more and more advantages being organ or being used by services throughout the world so again you’re simply wanting to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or real tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling 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 extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t 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 we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect point of view on workers it is absolutely important 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 need to be done right it has the biggest damaging effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been amazed entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just discover when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. Therefore, it is essential to ensure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first Global Payments first payroll payment option is a terrific initial step towards providing a thorough payroll service for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account necessary for worldwide payroll are essential factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.

anyhow we understand 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say picture 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 discussing numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean 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 need days of the week to try to check out them and actually see what was going on and sort of try to get back to everybody so proceeding appearance why do business pick to primary separate bank accounts there are Papaya Global. Com organizations out there doing precisely this for particular nations and I’ve operated in a company or many organizations doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s managing 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 quantity that we are I think numerous factors one is it’s the requirement I think individuals have actually got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a process that requires looking at it requires changing but eventually people are very stuck to what they recognize

with ideal um modification is a difficult thing we all do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having keeping several savings account but there’s a big amount of intricacy goes with establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is substantial but I believe the truthful answer is change um people haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is knowledge 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 proceeding and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does position several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I just did you switched our Business 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 Global staff members you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global. Com

I discover time and time again the workers often misclassified unwittingly they don’t understand the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the customer why you need to be utilized or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and several 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 strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are getting insurance coverage versus misclassification however usually premiums are only covering the expense of legal costs whilst the average claim examined versus companies corresponds to to 40 or half of the base pay of worker is there any point in securing 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 charge and interest in most cases I haven’t seen it at least so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK

Managing payroll internationally is a complicated job … Papaya Global.Com…

How much revenue does the company make? Papaya Global.Com

Over the last five or 6 years …Papaya Global.Com… roles on the provider side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 drizzling here it’s very extremely bleak and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also go over a wrap-up which must leave his time at the extremely 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 Global workforces end up being increasingly more typical and managing them becomes a growing number of intricate Global companies are wanting to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment viewpoint lots of organizations keep different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different checking account sometimes in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex procedures of

making payroll payments precisely efficiently safely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they add further intricacy the worldwide Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s typically an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really really basic there’s no real consistency framework we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the necessary several processes 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 challenges business face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be consisted of ideal and what does

it require 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 capabilities 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 customer’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to sort of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more crucial to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by organizations throughout the world so once again you’re simply seeking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or real challenging kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the larger a company 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 groups feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age 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 hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on workers it is definitely important that it’s done correctly 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 biggest detrimental result on people’s wellness and many other aspects if people aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five to ten years is how little thanks the

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Global Payments first payroll payment service is a terrific preliminary step towards offering a thorough payroll option for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and checking account necessary for international payroll are crucial consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Ultimately, we don’t do it for the appreciation.

anyway we know how how essential 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean 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 attempt to browse them and really see what was going on and type of shot to return to everybody so proceeding look why do companies choose to primary separate bank accounts there are Papaya Global.Com companies out there doing exactly this for specific countries and I have actually worked in an organization or many services doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we don’t have to and anybody that’s handling 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 amount that we are I think numerous reasons one is it’s the requirement I think people have got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe 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 actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it requires changing however ultimately people are very stuck to what they’re familiar

with ideal um modification is a hard thing we all don’t like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping numerous savings account but there’s a big amount of complexity chooses setting up a bank account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is substantial however I think the sincere answer is change um people haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this method does pose a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a change to our Enterprise 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 gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global.Com

I find time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of employment or contract and are informed by the client why it’s optimum generally to the client why you need to be utilized or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care benefits 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 too late years have actually passed they have not contributed to pensions Etc so it’s a huge effect that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance versus misclassification but typically premiums are just covering the cost of legal fees whilst the typical claim examined versus companies relates to to 40 or 50 percent of the base salary of employee exists any point in securing 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 haven’t seen it at least 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK

Handling payroll internationally is a complicated task … Papaya Global Com…

How much revenue does the company make? Papaya Global Com

Over the last five or six years …Papaya Global Com… functions on the supplier side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody 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 very really 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 Worldwide payroll why companies maintain different

Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they add further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very really basic there’s no real consistency structure we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does

it need to be thought about 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble incredibly payments no if however 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 acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world positions a high value on wellness and the compensation landscape is ending up being significantly intricate. Companies are continually introducing new benefits and payment alternatives, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to be the case. In today’s highly advanced age, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s most significant cost, must be processed correctly and on time. Even minor hold-ups can adversely impact staff members’ well-being and have significant effects. Therefore, it’s crucial to focus on precise and timely payments.

payroll team get um so I’m not exactly sure anybody on this sort 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 ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is a great primary step um providing an end-to-end payroll service for your staff members internationally once again I believe is another huge um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks

anyway we understand 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so proceeding appearance why do companies choose to main different bank accounts there are Papaya Global Com companies out there doing exactly this for specific nations and I have actually operated in an organization or lots of services doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s handling that process 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 think individuals have got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires looking at it requires altering however eventually individuals are really stuck to what they recognize

with right um change is a hard thing we all don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining multiple savings account however there’s a substantial amount of complexity opts for establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial however I believe the sincere answer is change um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding 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 proceeding and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep track of and this approach does pose several obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so

I just 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 International workers you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Com

I discover time and time again the workers frequently misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the client why it’s most advantageous primarily to the client why you must 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 worker can be impacted and several 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 Etc so it’s a big effect that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance coverage versus misclassification but generally premiums are only covering the cost of legal charges whilst the average claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out 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 location 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 stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK