Papaya Global Update Furlough 2024 – Get Started

Managing payroll globally is a difficult task … Papaya Global Update Furlough…

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Over the last five or 6 years …Papaya Global Update Furlough… roles on the company side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us 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 really 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 raining here it’s very extremely dreary and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a recap and that ought to leave his time at the extremely very 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 Worldwide labor forces end up being increasingly more common and managing them becomes increasingly more complicated Global organizations are seeking to discover Solutions and new ways to improve processes particularly from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain separate checking account sometimes in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business improve the episode complex processes of

making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a variety of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add more complexity the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very basic there’s no real consistency framework we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide organizations have actually expressed 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 data entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect location 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 worldwide payroll and payments do not run efficiently if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not need to be consisted of ideal and what does

it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly 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 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 technology is permitting us to sort of move on with that it also also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m constantly amazed when people say 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 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of important to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so once again you’re just aiming to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an impact viewpoint on workers it is absolutely vital 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 need to be done right it has the most significant harmful effect on people’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to ten years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally as well. Therefore, it is essential to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first International Payments first payroll payment option is a great preliminary step towards offering a comprehensive payroll service for employees worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as prepared. Ultimately, we do not do it for the thankfulness.

anyway 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everybody so moving on look why do companies pick to main different bank accounts there are Papaya Global Update Furlough services out there doing exactly this for specific countries and I’ve operated in an organization or many businesses doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and anybody 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 amount that we are I think many factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that needs looking at it requires altering however ultimately individuals are extremely stuck to what they recognize

with best um modification is a difficult thing we all don’t like modification um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving multiple checking account but there’s a big amount of intricacy goes with establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial but I think the sincere answer is change um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety 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 International workers you deserve a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Update Furlough

I discover time and time again the employees frequently misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the customer why it’s optimum mainly to the customer why you must be employed or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker 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 actually passed they have not added to pensions And so on so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance against misclassification however generally premiums are just covering the expense of legal fees whilst the average claim examined 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 read the fine print it is not covering the taxes penalty and interest in most cases I have not seen it at least so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK