Managing payroll internationally is a complicated task … Contact Papaya Global 50…
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Over the last five or 6 years …Contact Papaya Global 50… functions on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type 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 type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really dreary and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also discuss a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and managing them becomes more and more complex International organizations are looking to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment standpoint lots of organizations maintain different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate checking account sometimes in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they include additional intricacy the international Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 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 conventional payroll design there’s frequently an overwhelming number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely basic there’s no real consistency structure we’re living in a period of tech however 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 just blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of global companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data 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 don’t run efficiently if they depend on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what does not need to be consisted of right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance groups work closer together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to type of the level of complexity there’s more and more advantages being organ or being provided by organizations throughout the world so once again you’re just aiming to add 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’m sure but have you got any experience in kind of real challenges or genuine difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information 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 require to produce additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect perspective on staff members it is definitely vital that it’s done correctly and on time so what we imply 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 destructive result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Using the very first Worldwide Payments first payroll payment solution is a fantastic preliminary action towards offering a detailed payroll option for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts required for worldwide payroll are essential consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.
anyhow we know how how crucial a function 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 everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely 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 look through them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do companies pick to primary separate checking account there are Contact Papaya Global 50 services out there doing exactly this for specific nations and I’ve operated in a business or many services doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for any person where we don’t have to and anyone that’s handling 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 amount that we are I think lots of factors one is it’s the standard I think people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck with what they recognize
with ideal um change is a hard thing we all do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving several bank accounts however there’s a huge quantity of intricacy goes with setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge however I think the honest response is modification um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually 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 almost be figured out to be the next Century or two there is a lot to keep an eye on and this technique does posture several challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Contact Papaya Global 50
I discover time and time again the employees often misclassified unconsciously they don’t understand the conditions of work or agreement and are told by the client why it’s most advantageous mainly to the customer why you must be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have gone by they have not contributed to pensions And so on so it’s a big impact that they never ever knew they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance versus misclassification however typically premiums are only covering the cost of legal fees whilst the typical claim assessed against employers corresponds to to 40 or half of the base salary 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 charge and interest in many cases I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK