Handling payroll worldwide is a complicated task … Kb3199986 Papaya Global…
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Over the last 5 or six years …Kb3199986 Papaya Global… roles on the supplier side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating 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 everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also review a recap which must leave his time at the extremely 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 International workforces end up being increasingly more typical and managing them becomes more and more complex Global companies are seeking to discover Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint lots of companies preserve different checking account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different checking account often in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a burdensome job into a tactical asset.
due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing inconsistencies and inefficiencies. In spite of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and services to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global services have revealed 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 due to time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical cost of a global data 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 depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be included ideal and what does
it require to be considered 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 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 customer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being used by services throughout the world so again you’re just wanting to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades 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 groups doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things but you understand 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 create extra handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an effect perspective on employees it is absolutely vital 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 damaging effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been impressed 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 properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think 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 definitely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is an excellent initial step um providing an end-to-end payroll solution for your staff members globally again I think is another substantial um procedure once again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and decreasing the variety of tools platforms and checking account they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyway 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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job 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 browse them and actually see what was going on and kind of shot to return to everyone so moving on look why do business choose to primary different savings account there are Kb3199986 Papaya Global organizations out there doing exactly this for specific nations and I’ve worked in an organization or numerous organizations doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not have to and anyone that’s handling that process I ‘d be interested to hear your thoughts 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 standard I believe individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a number 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 people have actually 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 variety I think this is a process that requires looking at it needs altering but ultimately individuals are extremely stuck to what they’re familiar
with ideal um modification is a tough thing we all don’t like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving several savings account however there’s a substantial quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is substantial however I believe the truthful response is change um people have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however 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 identified to be the next Century approximately there is a lot to monitor and this technique does posture a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed 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 Worldwide employees you are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Kb3199986 Papaya Global
I discover time and time again the employees typically misclassified unwittingly they do not comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous generally to the client why you need to be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee 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 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 instance hmrc can return as much as 10 years um Kathy companies are getting insurance coverage versus misclassification but normally premiums are just covering the cost of legal charges whilst the typical claim examined against employers relates to to 40 or 50 percent of the base salary of worker 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 penalty and interest most of the times 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK