Managing payroll globally is a complicated job … About Papaya Global Payroll…
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Over the last 5 or 6 years …About Papaya Global Payroll… roles on the service provider side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort 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 type of like see where everybody 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 really really dreary and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them ends up being a growing number of intricate International organizations are seeking to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective numerous companies keep different checking account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep different savings account in some cases in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex challenge for companies running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll costs to optimize working capital, and discover how enhancing global payroll payments can transform them from a troublesome task into a strategic property.
due to different policies, compliance requirements, data security issues, and banking rules. The sheer number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems often result in manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Regardless of living in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and options to simplify and optimize international 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 Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors badly communicated hires and terminations as well as lack management and system configurations and then when you round all of it 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 require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the needed numerous processes 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 organization face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included ideal and what does
it need to be thought about 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 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 ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely 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 definitely basic and technology is enabling us to kind of progress with that it likewise 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 definitely imperative that payroll and finance groups work more detailed together than ever um I’m always amazed when people state 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 profession would they split the payroll payment from calculation 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 people wherever 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 crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by companies throughout the world so once again you’re simply aiming to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or genuine difficult kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly state 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 job there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on workers it is definitely vital that it’s done correctly and on time so what we imply 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 people’s well-being and many other elements if individuals aren’t paid uh I’ve always been astonished entering this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll service for your staff members internationally again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of companies and reducing the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how essential a role it is which’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 likewise so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and kind of try to get back to everyone so carrying on appearance why do companies select to primary separate bank accounts there are About Papaya Global Payroll businesses out there doing precisely this for specific countries and I have actually operated in a business or lots of businesses doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and anyone 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 amount that we are I think many factors one is it’s the requirement I think individuals have got so used to we require a new savings account we open an entity and appropriately 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 simply been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it requires altering however ultimately people are really stuck with what they recognize
with ideal um change is a challenging thing all of us do not like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving numerous savings account but there’s a huge quantity of intricacy opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual people so the complexity is huge but I believe the sincere answer is modification um people have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this technique does position numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety 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 jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. About Papaya Global Payroll
I find time and time again the employees frequently misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the client why it’s optimum primarily to the client why you must be utilized or engaged in this fashion the worker may 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 too late years have actually gone by they have not added to pensions Etc so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance coverage against misclassification however normally premiums are just covering the expense of legal fees whilst the average claim evaluated versus employers 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 need to read the small print it is not covering the taxes penalty and interest for the most part I have not seen it a minimum of so uh the the other location 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK