Managing payroll internationally is a daunting job … Heartland Payroll Vs Papaya Global…
How much revenue does the company make? Heartland Payroll Vs Papaya Global
Over the last 5 or six years …Heartland Payroll Vs Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody 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 rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also review a wrap-up which must leave his time at the really really 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 end up being more and more common and managing them ends up being a growing number of complicated International organizations are seeking to discover Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment viewpoint lots of companies maintain different bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to preserve different savings account sometimes in various nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 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 standard payroll design there’s often an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really very basic there’s no real consistency framework we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each 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 businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in international payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included right and what does
it need 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 capabilities 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 anywhere you look right ultimately constructing a knowledge base is definitely critical 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 take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people 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 occupation would they divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place 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 contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by businesses throughout the world so again you’re just wanting to include a growing number of payments to this already complicated landscape so if you sort 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 difficulties or genuine challenging kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups 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 doesn’t necessarily need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect point of view on employees it is definitely crucial 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 need to be done right it has the most significant harmful impact on people’s well-being and lots of other aspects if people aren’t paid uh I’ve always been amazed entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however 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 absolutely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll service for your employees globally again I believe is another big um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and checking account 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 thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how essential 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 also so think of sorry I’m simply I was simply gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely 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 look through them and in fact see what was going on and type of shot to return to everybody so moving on look why do companies select to primary separate bank accounts there are Heartland Payroll Vs Papaya Global companies out there doing exactly this for particular countries and I have actually worked in a service or many companies doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and any person 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 amount that we are I think many reasons one is it’s the standard I believe people have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions 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 the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering but ultimately people are extremely stuck with what they recognize
with right um modification is a hard thing all of us do not like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining numerous savings account however there’s a big quantity of complexity chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge but I believe the truthful answer is modification um people haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century approximately there is a lot to monitor and this approach does pose several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Heartland Payroll Vs Papaya Global
I discover time and time again the workers typically misclassified unwittingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum primarily to the client why you ought to be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected 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 added to pensions And so on so it’s a big impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance against misclassification however normally premiums are only covering the cost of legal costs whilst the average claim examined versus employers relates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other location that I do think 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK