Managing payroll worldwide is a challenging task … How To Process Year End On Papaya Global…
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Over the last 5 or 6 years …How To Process Year End On Papaya Global… functions on the supplier side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 drizzling here it’s extremely very gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add more intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s frequently an overwhelming number of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency framework we’re residing in an age of tech but 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 and that just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a company invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors inadequately communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of ideal 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 country there’s payment amount of time 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 customer’s own in-country account so there’s intricacy wherever you look right eventually building a knowledge base is absolutely important but all over you look with payroll payment they are like very 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 in 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 move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so again you’re just seeking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would certainly state that the larger a business 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age 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 needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an effect viewpoint on workers it is absolutely vital that it’s done properly 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 greatest harmful impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been astonished entering into this Market type of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually 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 discover when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. For that reason, it is important to make sure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is an excellent preliminary action towards providing an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account necessary for global payroll are key consider accomplishing organization 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. Eventually, we don’t do it for the gratitude.
anyway we know how how important 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 simple as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to get back to everybody so carrying on look why do business pick to main separate bank accounts there are How To Process Year End On Papaya Global companies out there doing precisely this for specific countries and I have actually operated in a company or many organizations doing precisely that I can say it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and anybody that’s managing 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 believe many factors one is it’s the requirement I believe people have got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining multiple checking account however there’s a big amount of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is big but I believe the honest response is change um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to monitor and this approach does pose several difficulties um so Johnny might you inform us about those challenges yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve 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 How To Process Year End On Papaya Global
I discover time and time again the workers often misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous generally to the client why you ought to be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care 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 too late years have passed they haven’t added to pensions And so on so it’s a huge impact that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are securing insurance coverage against misclassification but usually premiums are just covering the expense of legal fees whilst the average claim examined against companies equates to to 40 or 50 percent of the base salary of employee exists any point in getting insurance 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 most of the times 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 fact that you were not in compliance with laws um in the UK