Papaya Global.My Marketplace 2024 – Get Started

Managing payroll worldwide is a challenging job … Papaya Global.My Marketplace…

How much revenue does the company make? Papaya Global.My Marketplace

Over the last 5 or 6 years …Papaya Global.My Marketplace… roles on the provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join all of us 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 simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 extremely really bleak and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep different

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring precise, effective, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a troublesome task into a strategic possession.

due to different regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and services contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems often result in manual procedures, information silos, and a lack of integration, resulting in disparities and inadequacies. In spite of residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and optimize global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the needed numerous 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 challenges service face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be included best and what does

it need to be thought of there’s varying 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 client’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is absolutely critical but everywhere 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 look at the kind 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 basic and innovation is permitting us to kind of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly amazed when people state I’ve divided 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 estimation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information 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 well-being being increasingly more important to contribute to sort of the level of complexity there’s more and more advantages being organ or being offered by companies across the world so once again you’re just wanting to include more and more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough 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 absolutely say that the larger a business 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 teams feeding info into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt 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 working in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an impact viewpoint on workers it is absolutely crucial that it’s done properly 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 damaging impact on people’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been surprised coming into this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has actually 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 however ultimately payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a terrific primary step um offering an end-to-end payroll solution for your employees globally again I believe is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of organizations and decreasing the number of tools platforms and bank accounts they need for their Global payroll too couldn’t 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 countless 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 suggested to be um I don’t think any of us are actually doing that for for the thanks

anyhow we understand how how essential a function 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 everybody that’s associated with those procedures and also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely 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 check out them and really see what was going on and type of try to get back to everybody so carrying on look why do business choose to main different bank accounts there are Papaya Global.My Marketplace organizations out there doing precisely this for particular nations and I have actually worked in a service or numerous services doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas 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 utilized to we need a new bank 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 believe it’s simply been the standard and the norm the people 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 ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing but eventually individuals are really stuck with what they recognize

with ideal um modification is a tough thing we all don’t like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving several savings account but there’s a huge quantity of complexity opts for establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I think the truthful response is change um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does pose numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so

I 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 seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global.My Marketplace

I discover time and time again the employees frequently misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the client why it’s most advantageous primarily to the customer why you need to be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 gone by they have not contributed to pensions Etc so it’s a huge impact 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 ten years um Kathy companies are taking out insurance coverage versus misclassification however normally premiums are only covering the expense of legal costs whilst the typical claim examined against companies corresponds to to 40 or half of the base pay of employee exists any point in getting insurance 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 charge and interest most of the times I haven’t seen it a minimum of 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK

Papaya Global My Marketplace 2024 – Get Started

Managing payroll internationally is an overwhelming job … Papaya Global My Marketplace…

How much revenue does the company make? Papaya Global My Marketplace

Over the last 5 or six years …Papaya Global My Marketplace… functions on the company side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort 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 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 wish I was elsewhere 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 challenge years of handling Global payroll why companies maintain different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and managing them becomes a growing number of complex International companies are aiming to find Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment viewpoint many companies preserve separate savings account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate bank accounts sometimes in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex processes of

making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient 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 regulations compliance data security and banking rules then there are the large numbers they add additional intricacy the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the globe in the standard payroll model there’s often an overwhelming number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very very fundamental there’s no genuine 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 typically with pen and paper and that just blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company 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 need to be included best and what does

it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the customer’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely critical but 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 look at the type 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 definitely essential and innovation is permitting 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 varying Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so again you’re simply seeking to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they just make them more prompt 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 working in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost viewpoint from an effect viewpoint on workers it is definitely 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 greatest detrimental impact on people’s wellness and numerous other elements if people aren’t paid uh I’ve always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually 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 notice when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a terrific initial step towards supplying a thorough payroll solution for employees worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and savings account required for international payroll are key factors in attaining company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.

anyhow 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 everybody that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everybody so proceeding look why do business select to main separate checking account there are Papaya Global My Marketplace organizations out there doing precisely this for specific nations and I have actually worked in an organization or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we do not need to and anyone that’s managing that procedure 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 believe numerous reasons one is it’s the standard I believe people have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires altering but eventually individuals are extremely stuck with what they recognize

with ideal um change is a challenging thing all of us do not like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining several savings account however there’s a big quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big but I believe the sincere response is change um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep an eye on and this method does position several obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I simply did you switched 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 Global workers you are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global My Marketplace

I find time and time again the employees often misclassified unconsciously they do not understand the conditions of employment or agreement and are told by the customer why it’s most advantageous mainly to the client why you need to be employed or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 actually gone by they have not contributed to pensions And so on so it’s a big effect that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance against misclassification however normally premiums are only covering the cost of legal charges whilst the average claim assessed versus employers 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 fine print it is not covering the taxes penalty and interest in many cases I have not seen it at least so uh the the other location 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK