Managing payroll internationally is an overwhelming job … How To Set Up Reimbursable Expenses In Papaya Global Payroll…
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Over the last 5 or 6 years …How To Set Up Reimbursable Expenses In Papaya Global Payroll… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everyone another number 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 quite intriguing and I can see it going on currently simply to hear where everyone 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely gloomy and I want I was elsewhere 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 obstacle years of handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them ends up being increasingly more intricate Global companies are seeking to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of organizations preserve different checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve separate checking account often in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or very very basic there’s no real consistency framework we’re living in an age 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 each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash 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 requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s a great question I always toss this back and say what is it what does not require to be included right and what does
it need to be considered there’s varying Bank information 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 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 any place you look right ultimately developing a knowledge base is definitely critical 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 type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to add to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re just seeking to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay individuals I believe 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 works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense perspective from an effect viewpoint on employees it is definitely important that it’s done correctly 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 destructive result on people’s wellness and numerous other elements if people aren’t paid uh I’ve always been amazed entering into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific first step um offering an end-to-end payroll solution for your employees internationally again I believe is another huge um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and savings account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everyone so moving on appearance why do business select to main different checking account there are How To Set Up Reimbursable Expenses In Papaya Global Payroll organizations out there doing precisely this for specific nations and I have actually operated in an organization or many services doing exactly that I can say it does not always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anyone 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 think lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it needs changing however ultimately individuals are very stuck to what they’re familiar
with right um modification is a hard thing we all don’t like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple bank accounts but there’s a huge quantity of complexity chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is huge however I believe the honest response is change um individuals haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this method does pose numerous difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I simply did you switched our Business 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 employees you should have a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Set Up Reimbursable Expenses In Papaya Global Payroll
I discover time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the client why you need to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a big impact that they never 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 versus misclassification but normally premiums are just covering the cost of legal charges whilst the average claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary 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 fine print it is not covering the taxes penalty and interest for the most part I haven’t seen it a minimum of so uh the the other location 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 stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK