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Handling payroll globally is a challenging job … Microsoft Access From Papaya Global…

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Over the last 5 or 6 years …Microsoft Access From Papaya Global… roles on the supplier side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly 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 very very bleak and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll likewise discuss a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them becomes increasingly more complicated Worldwide organizations are looking to find Solutions and new methods to simplify processes specifically from a payroll and cross-border payment standpoint lots of companies preserve different bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep separate savings account sometimes in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex procedures of

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add further intricacy the worldwide Workforce is currently three and a half billion people 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or really very standard there’s no real consistency framework we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed multiple processes 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 challenges service face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what does not need to be included best and what does

it require to be thought of 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble super 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 recognition that payroll payments are definitely fundamental and technology is allowing us to sort of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work better together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more important to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being used by services across the world so again you’re simply seeking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they simply make them more timely 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 understand that we are working in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an impact viewpoint 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 need to be done right it has the most significant harmful impact on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been amazed coming into this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout 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 stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a great initial step um supplying an end-to-end payroll solution for your employees worldwide again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and savings account they need for their International payroll too could not 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 don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks

anyhow we understand how how important 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 picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up 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 require days of the week to try to check out them and really see what was going on and type of shot to return to everyone so proceeding look why do business select to main different checking account there are Microsoft Access From Papaya Global companies out there doing exactly this for specific nations and I have actually operated in a company or many businesses doing exactly that I can state it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I think individuals have got so used to we need a new savings account we open an entity and appropriately so you require 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 standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck to what they recognize

with ideal um change is a challenging thing all of us do not like change um so I think it’s simply 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 obviously the benefits of having maintaining multiple savings account however there’s a substantial amount of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is big but I think the honest answer is modification um individuals haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this technique does position numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so

I just 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 Worldwide employees you deserve a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Microsoft Access From Papaya Global

I discover time and time again the workers frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the customer why it’s most advantageous generally to the customer why you must be employed or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions And so on so it’s a big effect that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance coverage against misclassification but typically premiums are only covering the expense of legal fees whilst the typical claim evaluated versus employers corresponds to to 40 or half of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK