Managing payroll worldwide is a challenging task … Papaya Global Calendar 2016 17…
How much revenue does the company make? Papaya Global Calendar 2016 17
Over the last 5 or six years …Papaya Global Calendar 2016 17… functions on the company side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 drizzling here it’s very extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a troublesome task into a tactical property.
due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, data silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Despite residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and services to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide companies have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s differing 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 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 complexity anywhere you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble very payments no if but 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 believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process 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 third parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by services throughout the world so once again you’re simply aiming to include more and more payments to this currently complex 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 real challenges or real challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually 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 create extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from a cost point of view from an impact point of view on staff members it is definitely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging result on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed 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 workers or not um however eventually payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your workers globally once again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and checking account they need for their International 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 thousand of 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 complaints where things have not gone rather where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand 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 simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and type of shot to get back to everybody so moving on appearance why do companies select to primary separate bank accounts there are Papaya Global Calendar 2016 17 organizations out there doing precisely this for particular countries and I’ve worked in an organization or numerous organizations doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and any person 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 numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering however ultimately individuals are really stuck to what they’re familiar
with right um modification is a tough thing we all don’t like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several checking account however there’s a substantial amount of intricacy opts for setting up a savings account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is substantial however I think the sincere answer is change um individuals haven’t been able to change or have not had necessarily the understanding to truly 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 knowledge you understand and there is a component of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to monitor and this technique does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed 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 Global workers you deserve a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Calendar 2016 17
I find time and time again the workers often misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the client why it’s most advantageous generally to the client why you ought to be utilized or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits 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 passed they haven’t added to pensions And so on so it’s a big impact that they never knew 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 against misclassification however typically premiums are only covering the cost of legal fees whilst the typical claim examined versus employers corresponds to to 40 or 50 percent of the base pay of employee exists any point in securing insurance 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 in many cases I have not seen it at least so uh the the other location that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK