Handling payroll worldwide is a challenging job … Cancel Payroll Papaya Global…
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Over the last five or six years …Cancel Payroll Papaya Global… roles on the company side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite 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 comes from and I actually 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 extremely bleak and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also go over a recap which must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them becomes increasingly more intricate International companies are wanting to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies keep different checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain different checking account sometimes in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business simplify the episode complex procedures of
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include further intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated 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 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 a frustrating number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely extremely basic there’s no real consistency structure we’re living in an age of tech but payroll has actually 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 simply blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the information is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed numerous 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 obstacles company face when they’re paying to staff members or otherwise that’s a great question I always throw this back and say what is it what does not require to be consisted of 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 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 consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to sort of move forward with that it also as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to add to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations across the world so once again you’re just seeking to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades 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 teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra 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 require to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an effect perspective on staff members 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 need to be done right it has the biggest damaging impact on individuals’s wellness and many other factors if people aren’t paid uh I have actually constantly been impressed entering into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only notice when things go wrong. However, when things go right, it’s seen as simply a routine task. This is how it’s perceived externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Global Payments first payroll payment solution is an excellent initial step towards providing an extensive payroll option for employees worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how essential 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 easy as possible for everyone that’s associated with those processes 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’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to return to everyone so moving on look why do business select to primary separate savings account there are Cancel Payroll Papaya Global businesses out there doing exactly this for particular countries and I have actually worked in a company or numerous services doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and anyone 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 quantity that we are I think lots of factors one is it’s the requirement I believe people have got so utilized to we need a brand-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 believe it’s just been the standard and the norm individuals have embraced 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 many other methods um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing but ultimately people are very stuck with what they recognize
with best um modification is a difficult thing all of us do not like change um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple savings account however there’s a big amount of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the complexity is big but I think the truthful response is change um people haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to monitor and this technique does pose numerous challenges um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just did you changed our Enterprise 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 International staff members you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Cancel Payroll Papaya Global
I discover time and time again the employees frequently misclassified unconsciously 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 utilized or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities 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 contributed to pensions Etc so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance coverage versus misclassification but usually premiums are only covering the cost of legal charges whilst the typical claim examined against companies corresponds to to 40 or half of the base pay of worker is there any point in getting insurance coverage 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 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 stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK