Handling payroll worldwide is an overwhelming task … Papaya Global Payroll Dates…
How much revenue does the company make? Papaya Global Payroll Dates
Over the last 5 or 6 years …Papaya Global Payroll Dates… functions on the company side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really bleak and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll also discuss a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and handling them ends up being increasingly more complex Global organizations are wanting to discover Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment viewpoint numerous organizations preserve separate savings account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain different savings account in some cases in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance data security and banking rules then there are the large numbers they add more complexity the international Workforce is presently 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 standard payroll design there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely fundamental there’s no real consistency framework we’re residing in an era of tech but payroll has actually been slow 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 whenever 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 offers me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international companies have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the wrong location 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 cash around the world payroll and payments do not run efficiently if they depend on the necessary several processes 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 difficulties service face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be included ideal and what does
it require to be thought about there’s varying Bank details 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if however some babies 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 fundamental and technology is allowing us to kind of move on with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being provided by organizations across the world so again you’re just wanting to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know 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 while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any service has from a cost point of view from an impact perspective on workers it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental effect on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been informed 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 employees or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is an excellent first step um providing an end-to-end payroll solution for your staff members worldwide again I think is another huge um process once again lining up and ensuring you have standardization International procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how important 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 everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so moving on appearance why do companies pick to main different savings account there are Papaya Global Payroll Dates services out there doing precisely this for particular countries and I’ve worked in a service or numerous companies doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think people have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other methods 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 needs altering however ultimately people are extremely stuck to what they recognize
with right um change is a difficult thing we all do not like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining multiple savings account but there’s a substantial quantity of intricacy goes with setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is huge however I think the truthful answer is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually constantly 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 might practically be determined to be the next Century or two there is a lot to keep track of and this technique does pose several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll Dates
I discover time and time again the employees often misclassified unknowingly they do not comprehend the conditions of work or agreement and are informed by the client why it’s optimum mainly to the client why you ought to be employed or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 gone by they have not added to pensions Etc so it’s a big effect that they never understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance against misclassification however typically premiums are only covering the expense of legal charges whilst the typical claim assessed against companies corresponds to to 40 or half of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of 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 coverage on the basis of the fact that you were not in compliance with laws um in the UK