Handling payroll globally is a daunting job … Papaya Global Support Lets Talk…
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Over the last five or 6 years …Papaya Global Support Lets Talk… functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion 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 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 quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 extremely really gloomy and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also go over a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and handling them becomes a growing number of complicated Global companies are seeking to find Solutions and new ways to enhance processes especially from a payroll and cross-border payment standpoint numerous companies preserve separate bank account just for payroll while some have several accounts in various nations does it make sense for companies to preserve different checking account sometimes in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of
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 checking account how business 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 property so payroll can be difficult in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very extremely standard there’s no real consistency framework we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is delivered to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the needed several procedures 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 organization face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be included best and what does
it require 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 time frames 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 intricacy wherever you look right eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and innovation is enabling us to type of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses across the world so again you’re simply aiming to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely state that the larger a business 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 teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run 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 a period of tech and an age that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense perspective from an effect viewpoint on staff members it is definitely vital 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 have to be done right it has the greatest destructive impact on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all hear about 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a terrific first step um supplying an end-to-end payroll service for your staff members internationally once again I think is another substantial um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of companies and decreasing the number of tools platforms and savings account they require for their Worldwide 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’ve never 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 have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 also so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely 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 check out them and in fact see what was going on and type of try to return to everyone so proceeding appearance why do business pick to primary separate bank accounts there are Papaya Global Support Lets Talk organizations out there doing precisely this for particular nations and I’ve operated in an organization or many organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s managing that process 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 think numerous factors one is it’s the standard I think individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing but ultimately individuals are really stuck to what they recognize
with best um modification is a difficult thing we all do not like modification um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining numerous bank accounts however there’s a big amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is substantial but I believe the honest response is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this approach does position a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change 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 gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion 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 Support Lets Talk
I discover time and time again the employees frequently misclassified unknowingly they do not understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous generally to the client why you ought to be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care advantages 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 gone by they have not contributed to pensions Etc so it’s a huge impact that they never understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance coverage versus misclassification but usually premiums are just covering the expense of legal fees whilst the average claim assessed versus employers relates to to 40 or half of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the fine 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 area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK