Managing payroll globally is an overwhelming task … How To Remove An Employee From Nest On Papaya Global…
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Over the last five or six years …How To Remove An Employee From Nest On Papaya Global… roles on the company side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone originates 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 extremely extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also go over a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of common and handling them becomes increasingly more complicated International companies are aiming to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint many organizations maintain separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain separate bank accounts sometimes in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it’s approximated 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 consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very very basic there’s no real consistency structure we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is shipped to the wrong 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 money around the globe payroll and payments don’t run efficiently if they rely on the required several 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 service face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not require to be included right and what does
it need to be considered there’s varying Bank details 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 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 customer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if however some babies 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 definitely basic and innovation is permitting us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to sort of the level of complexity there’s a growing number of benefits being organ or being offered by businesses across the world so again you’re simply wanting to include more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine difficult kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups 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 but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact point of view on workers it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive effect on people’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been astonished entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly 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 a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll option for your employees globally once again I believe is another big um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyway 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean up 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 require days of the week to try to browse them and actually see what was going on and sort of try to get back to everybody so carrying on appearance why do business select to primary separate checking account there are How To Remove An Employee From Nest On Papaya Global organizations out there doing exactly this for specific nations and I have actually worked in a business or many services doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I think individuals have got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have 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 numerous other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing but ultimately people are extremely stuck to what they recognize
with best um change is a hard thing all of us don’t like modification um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping numerous bank accounts however there’s a big quantity of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial however I think the sincere answer is change um individuals have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or two there is a lot to monitor and this technique does pose a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched 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 workers you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Remove An Employee From Nest On Papaya Global
I find time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s optimum primarily to the customer why you need to be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s 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 could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage against misclassification however usually premiums are only covering the cost of legal costs whilst the average claim evaluated versus employers relates 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 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 coverage what we are saying 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