Handling payroll globally is an overwhelming task … Go Papaya Global Payroll…
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Over the last 5 or 6 years …Go Papaya Global Payroll… roles on the service provider side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually 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 really gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll also discuss a wrap-up which needs to leave his time at the very really 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 more and more typical and managing them becomes increasingly more complex International companies are wanting to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment viewpoint many companies keep separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain different bank accounts 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 likewise known as virtual wallets play in helping international companies simplify the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can transform them from a troublesome job into a strategic asset.
due to different guidelines, compliance requirements, information security concerns, and banking rules. The large variety of staff members and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and a lack of integration, resulting in inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, 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 objectives to provide insights and options to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of right 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 country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely basic and innovation is enabling us to sort of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by businesses across the world so again you’re simply aiming to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or genuine tough sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely state 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 task there are groups feeding info 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 always require to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an impact viewpoint on workers it is definitely critical that it’s done correctly 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 greatest damaging result on people’s well-being and lots of other elements if people aren’t paid uh I have actually constantly been amazed entering into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise 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 things is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a great primary step um providing an end-to-end payroll option for your staff members globally once again I think is another big um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely key to success success of organizations and decreasing 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand 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 also so envision sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely 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 attempt to check out them and in fact see what was going on and kind of try to return to everyone so moving on appearance why do companies choose to main separate bank accounts there are Go Papaya Global Payroll companies out there doing precisely this for specific countries and I’ve worked in a business or numerous organizations doing precisely that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anybody that’s dealing with 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 lots of reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs changing but ultimately individuals are extremely stuck to what they recognize
with best um change is a difficult thing all of us do not like modification um so I think it’s just type 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 undoubtedly the advantages of having maintaining numerous bank accounts however there’s a substantial amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is huge however I think the sincere response is modification um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter 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 understand what might almost be determined to be the next Century or two there is a lot to keep track of and this technique does present several difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. Go Papaya Global Payroll
I find time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous generally to the customer why you should be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t contributed to pensions Etc so it’s a huge effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage against misclassification however usually premiums are just covering the expense of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or 50 percent of the base pay of employee is there 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 penalty and interest in many 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 protection on the basis of the truth that you were not in compliance with laws um in the UK