Handling payroll globally is a challenging job … Papaya Global פרסומת…
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Over the last five or 6 years …Papaya Global פרסומת… functions on the company side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 really bleak and I wish I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they add more complexity the global Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large amounts and or very very standard there’s no genuine consistency structure 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 frequently with pen and paper and that just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on international payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of international organizations have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system setups and after that when you round everything 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 once payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be included best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 complexity any place you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely fundamental and innovation is enabling us to type of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of intricacy there’s more and more benefits being organ or being offered by organizations across the world so again you’re just looking to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger an organization 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 actually handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age 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 tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost perspective from an effect perspective on staff members it is definitely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful result on people’s well-being and many other factors if individuals aren’t paid uh I’ve always been amazed coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been told 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 staff members or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem 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 Global Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your employees worldwide once again I think is another substantial um process again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of organizations and decreasing the variety of tools platforms and checking account they require 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’ve never ever had a hundred countless them within a payroll cycle do not 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 implied to be um I don’t think any of us are really doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting 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 need days of the week to attempt to look through them and actually see what was going on and kind of try to return to everyone so proceeding look why do companies choose to primary separate bank accounts there are Papaya Global פרסומת organizations out there doing exactly this for specific countries and I have actually operated in a service or numerous businesses doing exactly 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 extra work for anybody where we don’t have to and anybody that’s managing 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 many reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new bank 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 believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering however ultimately people are extremely stuck with what they recognize
with ideal um change is a difficult thing all of us do not like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining numerous bank accounts but there’s a substantial amount of complexity goes with setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge however I believe the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global פרסומת
I find time and time again the employees often misclassified unwittingly they do not comprehend the conditions of employment or contract and are informed by the customer why it’s optimum mainly to the customer why you ought to be utilized or taken part in this style 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 several times it can be years before this all falls out and by that time it’s too late years have actually passed they have not contributed to pensions And so on so it’s a huge effect that they never understood 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 business are taking out insurance coverage against misclassification however typically premiums are just covering the cost of legal costs whilst the average claim evaluated versus employers relates to to 40 or half of the base salary of employee exists any point in getting insurance coverage 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 have not seen it at least 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 denied protection on the basis of the truth that you were not in compliance with laws um in the UK