Can Papaya Global Do Weekly Payroll 2024 – Get Started

Managing payroll globally is a challenging job … Can Papaya Global Do Weekly Payroll…

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Over the last five or six years …Can Papaya Global Do Weekly Payroll… functions on the company side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well among 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 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 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 extremely really dreary and I wish I was somewhere else 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 taking a look at the difficulty years of handling International payroll why business preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and managing them ends up being increasingly more complicated Global companies are wanting to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have several accounts in different nations does it make sense for business to keep different savings account sometimes in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex procedures of

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add more intricacy the global Workforce is currently 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 services and growing all doing their own thing all over the world in the traditional payroll model there’s frequently an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really standard there’s no real consistency structure we’re residing in an era 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 which 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 only 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the essential several 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 difficulties business face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included right and what does

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it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work better together than ever um I’m always amazed when people say 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 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 frequently 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 any place they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being used by businesses throughout the world so once again you’re just seeking to include more and more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or real challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years 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 actually handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from an expense point of view from an effect viewpoint on staff members it is absolutely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain 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 staff members or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is a great primary step um offering an end-to-end payroll service for your staff members worldwide again I think is another huge um process once again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of businesses and decreasing the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how important 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 involved in those processes and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of try to return to everyone so carrying on appearance why do business pick to main different bank accounts there are Can Papaya Global Do Weekly Payroll services out there doing exactly this for particular countries and I have actually operated in a service or numerous companies doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anybody that’s managing 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 believe people have got so utilized to we need a new checking 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 requirement and the norm the people 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 variety I believe this is a procedure that needs looking at it needs changing however ultimately individuals are very stuck to what they’re familiar

with best um change is a tough thing all of us don’t like change um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping several savings account however there’s a big amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the intricacy is big but I believe the truthful answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to monitor and this method does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range 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 feels 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 global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Can Papaya Global Do Weekly Payroll

I discover time and time again the employees often misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the client why you ought to be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never understood they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance versus misclassification however usually premiums are only covering the expense of legal charges whilst the typical claim assessed versus companies corresponds to to 40 or half of the base pay of employee exists any point in taking out insurance 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 charge and interest in many cases I have not seen it a minimum of so uh the the other area 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 denied protection on the basis of the truth that you were not in compliance with laws um in the UK