Handling payroll globally is a daunting task … Papaya Global Japan…

How much revenue does the company make? Papaya Global Japan

Over the last five or six years …Papaya Global Japan… functions on the company side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really 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 raining here it’s really extremely bleak and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep different

Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets offer 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 tactical property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and discover how streamlining global payroll payments can transform them from a difficult job into a tactical possession.

due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems typically lead to manual processes, data silos, and a lack of combination, resulting in disparities and inefficiencies. Despite living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and options to streamline and enhance worldwide payroll payments.

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 data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included ideal and what does

it require to be thought about 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 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 wherever you look right ultimately building a knowledge base is definitely important 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 sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say I’ve split 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 divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately 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 likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations throughout the world so once again you’re just aiming to add more and 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 however have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates 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 viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an effect viewpoint on staff members it is definitely critical that it’s done correctly 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 most significant detrimental impact on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been amazed entering this Market kind of the last 5 to ten years is how little thanks the

The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments first payroll payment option is a fantastic preliminary action towards providing a thorough payroll option for staff members worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and savings account essential for global payroll are essential consider achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.

anyhow we know how how crucial 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and kind of try to get back to everybody so carrying on look why do business select to primary different savings account there are Papaya Global Japan companies out there doing exactly this for specific nations and I’ve worked in an organization or lots of businesses doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anyone that’s handling 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 many reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but eventually people are really stuck to what they’re familiar

with right um change is a hard thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining several savings account however there’s a substantial amount of intricacy goes with establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is big however I believe the sincere response is modification um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we’ve constantly 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 almost be determined to be the next Century or so there is a lot to keep an eye on and this method does pose several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so

I just did you changed 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 workers you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Japan

I find time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous generally to the client why you need to be employed or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities 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 gone by they have not added to pensions Etc so it’s a huge effect 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 companies are taking out insurance coverage versus misclassification however generally premiums are only covering the cost of legal costs whilst the typical claim evaluated against employers relates to to 40 or 50 percent of the base pay of worker is there any point in securing 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 many cases I have not 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 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

Handling payroll worldwide is a difficult job … Papaya Global Japan…

How much revenue does the company make? Papaya Global Japan

Over the last 5 or 6 years …Papaya Global Japan… roles on the company side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very gloomy and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different

Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. 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 property for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 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 around the world in the conventional payroll model there’s often a frustrating number of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely standard there’s no real consistency framework we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide organizations 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 because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of 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 timespan there’s payment abilities 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 intricacy any place you look best ultimately constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if but some children 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 acknowledgment that payroll payments are definitely essential and technology is permitting us to type of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work closer together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness 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 organizations throughout the world so again you’re just seeking to include more and more payments to this already complex landscape so if you sort 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 difficulties or real tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an effect point of view on staff members it is absolutely crucial that it’s done properly and on time so what we indicate 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 wellness and many other aspects if people aren’t paid uh I’ve constantly been astonished entering this Market type of the last 5 to 10 years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just see when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. For that reason, it is vital to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a terrific preliminary action towards offering a thorough payroll service for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account required for worldwide payroll are crucial factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Ultimately, we don’t do it for the gratitude.

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 easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job 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 need days of the week to try to look through them and actually see what was going on and kind of shot to return to everyone so moving on appearance why do business select to primary separate checking account there are Papaya Global Japan services out there doing precisely this for specific countries and I have actually worked in an organization or numerous businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that process 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 believe many reasons one is it’s the requirement I think individuals have actually got so utilized to we need a new checking 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 simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a process that requires looking at it needs altering but ultimately people are very stuck to what they recognize

with best um change is a challenging thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving multiple bank accounts however there’s a substantial amount of complexity goes with setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big however I think the honest answer is modification um individuals have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to monitor and this approach does position a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so

I just 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 employees you are worthy of a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Japan

I find time and time again the workers often misclassified unconsciously they do not comprehend the conditions of work or contract and are told by the client why it’s optimum primarily to the client why you need to be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 actually gone by they have not added to pensions Etc so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance versus misclassification but generally premiums are just covering the cost of legal costs whilst the typical claim assessed against employers relates to to 40 or 50 percent of the base salary of worker exists 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 charge and interest in most 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK