Handling payroll globally is a daunting job … Papaya Global Revenue…
How much revenue does the company make? Papaya Global Revenue
Over the last five or 6 years …Papaya Global Revenue… functions on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody 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 drizzling here it’s very very gloomy and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Workforce is currently three 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 businesses and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating variety of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or really extremely basic there’s no real consistency structure we’re living in a period of tech however 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 believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service invests in 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 incidents in the last mile of the deal almost half of international services have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is shipped to the wrong place the typical cost of a global data 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 efficiently if they count on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to sort of move on with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the settlement landscape is ending up being significantly detailed. Businesses are constantly introducing new advantages and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technically advanced period, there’s no validation for preserving troublesome procedures. Payroll, the business’s biggest cost, must be processed properly and on time. Even small delays can adversely affect staff members’ well-being and have significant consequences. Therefore, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us hear about 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 think 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 things is definitely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is a great first step um offering an end-to-end payroll solution for your employees worldwide again I believe is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and reducing the number 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 terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten 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 do not believe any of us are actually doing that for for the thanks
anyhow we understand how how important a role 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 everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions think of getting that many 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 trying to clean 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 need days of the week to try to look through them and actually see what was going on and kind of shot to return to everyone so proceeding look why do business pick to main different checking account there are Papaya Global Revenue businesses out there doing exactly this for specific nations and I’ve worked in a service or numerous services doing exactly that I can say it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not need to and any person that’s dealing with 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 reasons one is it’s the standard I believe individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately people are extremely stuck with what they’re familiar
with ideal um change is a challenging thing we all don’t like change um so I think it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining multiple bank accounts but there’s a big quantity of complexity opts for setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is huge but I believe the sincere answer is modification um people have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this approach does present numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Revenue
I discover time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous mainly to the customer why you need to be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions Etc so it’s a huge effect that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification however normally premiums are just covering the cost of legal charges whilst the typical claim evaluated against companies equates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other location 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