Managing payroll internationally is a complicated task … How To Download Payslips From Papaya Global…
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Over the last five or six years …How To Download Payslips From Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 very very bleak and I want I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll likewise review a recap which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them becomes a growing number of complicated Worldwide organizations are looking to find Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate bank accounts often in different countries it does but just for payroll is there a better method what function 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 accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly regulations compliance data security and banking rules then there are the large numbers they include further complexity the international Workforce 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 services and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming number of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency framework we’re residing in a period of tech but payroll has 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 provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service spends on global payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide services have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included best 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 country there’s payment timespan there’s payment abilities 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 wherever you look right ultimately developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance groups work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to add to sort of the level of complexity there’s more and more advantages being organ or being offered by companies throughout the world so again you’re just aiming to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real difficult type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would absolutely say that the bigger a company 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 info into the next function as it were that’s really managing 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 know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect point of view on staff members it is absolutely important 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 most significant damaging impact on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been surprised entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this sort of webinar has actually been told 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 employees or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great first step um providing an end-to-end payroll option for your workers worldwide again I think is another big um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how essential a role 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 easy as possible for everybody that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and in fact see what was going on and type of shot to get back to everyone so moving on look why do business select to primary separate checking account there are How To Download Payslips From Papaya Global companies out there doing exactly this for particular nations and I have actually operated in a service or lots of services doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and anyone that’s dealing with that process 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 believe numerous factors one is it’s the requirement I think people have got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have 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 think this is a procedure that needs taking a look at it needs changing however eventually individuals are really stuck to what they recognize
with right um modification is a tough thing we all do not like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping multiple savings account but there’s a huge amount of complexity opts for establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is substantial however I think the truthful answer is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know 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 proceeding and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to keep track of and this method does posture a number of difficulties um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments. How To Download Payslips From Papaya Global
I discover time and time again the workers typically misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s most advantageous primarily to the customer why you should be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 too late years have actually gone by they haven’t contributed to pensions And so on so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance coverage against misclassification but usually premiums are just covering the expense of legal costs whilst the typical claim examined versus companies equates to to 40 or 50 percent of the base pay of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest for the most part 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 pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK