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Managing payroll internationally is a challenging task … Holiday Schemes Papaya Global…

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Over the last five or six years …Holiday Schemes Papaya Global… roles on the company side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate

Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Making sure accurate, efficient, and timely payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a challenging job into a tactical property.

due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and companies adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems typically lead to manual processes, information silos, and an absence of combination, leading to disparities and ineffectiveness. 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, often utilizing pen and paper. This webinar objectives to offer insights and services to streamline and enhance global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the required 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 challenges business face when they’re paying to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what does not need to be consisted of right and what does

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it require to be thought about there’s varying Bank details 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 need to pay from the client’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from 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 eventually it’s payroll is an end-to-end procedure 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 wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so again you’re simply wanting to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine tough type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create extra handoffs while doing sos 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 a period of tech and an age that you know that we are working in today there is no reason we are still making this as tough as it needs 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 employees it is absolutely vital 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 destructive effect on people’s wellness and lots of other aspects if individuals aren’t paid uh I’ve constantly been surprised entering into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed 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 employees or not um however ultimately payroll is such a crucial cycle all of us 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is an excellent primary step um providing an end-to-end payroll option for your staff members worldwide once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and checking account they need for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks

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 everyone that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do companies pick to main different checking account there are Holiday Schemes Papaya Global organizations out there doing precisely this for specific countries and I’ve operated in an organization or numerous companies doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and anybody 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 lots of factors one is it’s the requirement I believe people have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing however eventually people are very stuck with what they recognize

with ideal um change is a hard thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining numerous checking account but there’s a big amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big but I believe the sincere answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not looking 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 posture several challenges um so Johnny could you inform us about those challenges yeah obviously 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 Global staff members you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Holiday Schemes Papaya Global

I discover time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of work or agreement and are told by the customer why it’s optimum mainly to the customer why you ought to be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care 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 far too late years have gone by they have not contributed to pensions And so on so it’s a big impact that they never ever understood they were strolling 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 business are securing insurance versus misclassification but usually premiums are only covering the cost of legal costs whilst the average claim examined against companies corresponds to to 40 or half of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest in most cases I haven’t 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 coverage on the basis of the truth that you were not in compliance with laws um in the UK