Handling payroll worldwide is a difficult task … Papaya Global Employer Payroll Calculator…
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Over the last five or 6 years …Papaya Global Employer Payroll Calculator… roles on the service provider 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 everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind 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 sort of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary and I want 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 looking at the difficulty years of managing Worldwide payroll why business preserve different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also supply a wrap-up of the main points 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 checking account how companies accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they include further complexity the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no real consistency framework we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical cost of a worldwide information 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 depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be included right and what does
it need 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 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 wherever you look ideal ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to kind of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so once again you’re just looking to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or genuine tough type of pay uses to play to pay people I believe 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 works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact viewpoint on workers it is absolutely crucial that it’s done correctly and on time so what we indicate 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 effect on individuals’s wellness and many other elements if people aren’t paid uh I have actually constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent primary step um offering an end-to-end payroll service for your employees internationally once again I think is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of companies and lowering the variety 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 regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing 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 held true um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to return to everybody so carrying on appearance why do companies pick to primary different savings account there are Papaya Global Employer Payroll Calculator businesses out there doing exactly this for particular countries and I have actually operated in a business or lots of organizations doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions but 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 adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that requires taking a look at it requires altering however ultimately individuals are extremely stuck to what they’re familiar
with right um change is a tough thing all of us do not like modification um so I think it’s simply sort 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 certainly the advantages of having maintaining several bank accounts however there’s a huge amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is huge but I believe the sincere response is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this method does position several difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety 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 tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Employer Payroll Calculator
I find time and time again the employees typically misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the client why it’s most advantageous primarily to the client why you must be utilized or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker 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 gone by they have not added to pensions And so on so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage against misclassification but generally premiums are only covering the expense of legal fees whilst the average claim examined versus companies corresponds to to 40 or half of the base salary of employee is there any point in getting 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 charge and interest most of the times I have not seen it at least 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 stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK