Managing payroll globally is a difficult task … Employment Allowance 2021/22 Papaya Global…
How much revenue does the company make? Employment Allowance 2021/22 Papaya Global
Over the last 5 or six years …Employment Allowance 2021/22 Papaya Global… functions on the provider side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 extremely gloomy and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts 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 recap which must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them becomes increasingly more complicated Worldwide organizations are wanting to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve separate savings account often in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for services running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a challenging task into a strategic possession.
due to numerous policies, compliance requirements, information security issues, and banking rules. The large variety of workers and businesses adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. In spite of living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of global services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 complexity anywhere you look ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in 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 innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 frequently 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to kind of the level of intricacy there’s more and more advantages being organ or being used by organizations throughout the world so once again you’re just wanting to add increasingly more payments to this currently intricate landscape so if you kind 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 genuine obstacles or real tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however 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 in the processes that we operate in they simply 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 understand that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an impact point of view on staff members it is definitely important that it’s done properly 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 biggest harmful impact on people’s well-being and many other elements if people aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment service is a fantastic initial step um offering an end-to-end payroll service for your workers globally again I believe is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they require 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everyone so proceeding look why do companies select to main separate savings account there are Employment Allowance 2021/22 Papaya Global organizations out there doing precisely this for specific nations and I have actually worked in an organization or numerous companies doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t have to and anybody that’s handling that procedure 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 think many reasons one is it’s the requirement I think people have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually people are very stuck with what they recognize
with best um modification is a difficult thing all of us do not like modification um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving several checking account but there’s a substantial amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is huge but I think the truthful answer is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually constantly 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 know what might practically be determined to be the next Century or so there is a lot to track and this technique does position numerous obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Employment Allowance 2021/22 Papaya Global
I find time and time again the workers typically misclassified unwittingly they do not comprehend the conditions of employment or contract and are informed by the customer why it’s optimum mainly to the customer why you must be employed or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker 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 passed they have not added to pensions And so on so it’s a big effect that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are taking out insurance versus misclassification however normally premiums are only covering the cost of legal charges whilst the typical claim examined versus 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 small print it is not covering the taxes charge and interest in many cases I have not seen it at least 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK