Managing payroll globally is an overwhelming job … Papaya Global 2 Day Payroll…
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Over the last 5 or 6 years …Papaya Global 2 Day Payroll… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they include additional 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 more 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 around the globe in the conventional payroll design there’s frequently an overwhelming number of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely fundamental there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the information is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it need 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 amount of time 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 consumer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if however some infants 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 basic and innovation is allowing us to kind of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I have actually divided 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 computation 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by services across the world so again you’re simply looking to add a growing number of payments to this already intricate landscape so if you kind 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 obstacles or genuine tough kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost viewpoint from an impact viewpoint on workers it is absolutely critical 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 need to be done right it has the biggest damaging result on people’s wellness and many other elements if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only observe when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Global and other crucial matters are done properly. Using the very first International Payments very first payroll payment option is an excellent initial action towards offering an extensive payroll solution for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts needed for international payroll are essential consider accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we know 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 associated with those processes and likewise so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can’t think of 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 in fact see what was going on and kind of try to get back to everyone so proceeding appearance why do business pick to primary different bank accounts there are Papaya Global 2 Day Payroll organizations out there doing exactly this for specific countries and I’ve operated in a company or many organizations doing precisely that I can state it doesn’t constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s handling that procedure 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 believe lots of reasons one is it’s the requirement I think individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing however ultimately people are really stuck to what they recognize
with best um change is a hard thing we all don’t like modification um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping numerous savings account however there’s a substantial amount of intricacy chooses establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is huge however I believe the truthful response is modification um people have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit 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 constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to track and this method does posture a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion 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 achievements. Papaya Global 2 Day Payroll
I find time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you need to be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities 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 too late years have actually gone by they have not contributed to pensions Etc so it’s a huge effect that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance coverage against misclassification but typically premiums are only covering the cost of legal fees whilst the average claim evaluated against companies equates 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 need to read 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 area that I do think 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 protection on the basis of the fact that you were not in compliance with laws um in the UK