Managing payroll worldwide is an overwhelming job … How To Set Up Departments In Papaya Global 2016…
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Over the last five or 6 years …How To Set Up Departments In Papaya Global 2016… roles on the company side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody 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 type of let them do that so it ‘d be rather interesting 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 everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise go over a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them becomes increasingly more complex Global companies are wanting to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have several accounts in different countries does it make sense for business to keep different checking account often in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they include further complexity the worldwide Labor force is presently 3 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 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 world in the conventional payroll model there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency structure 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 often with pen and paper which just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a service invests in international payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have revealed that they don’t 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 poor HCM information data entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average expense 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 around the world payroll and payments don’t run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of progress with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by services across the world so again you’re simply looking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect point of view on employees it is definitely critical that it’s done correctly and on time so what we suggest 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 result on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually constantly been amazed entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe 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 definitely crucial that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll solution for your workers internationally once again I think is another substantial um process once again aligning and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and savings account they require for their Global payroll too could not 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 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 think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of try to return to everyone so carrying on appearance why do business select to primary separate bank accounts there are How To Set Up Departments In Papaya Global 2016 businesses out there doing exactly this for specific nations and I’ve worked in a business or numerous services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s managing 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 many reasons one is it’s the requirement I think individuals have got so utilized to we need a new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs altering but eventually people are very stuck with what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having maintaining multiple bank accounts but there’s a big amount of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is substantial but I believe the honest response is change um individuals haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this technique does present a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How To Set Up Departments In Papaya Global 2016
I find time and time again the workers often misclassified unknowingly they don’t understand the conditions of work or agreement and are informed by the client why it’s most advantageous primarily to the customer why you need to be employed or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges 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 gone by they have not contributed to pensions And so on so it’s a big impact that they never ever understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification but typically premiums are just covering the expense of legal fees whilst the average claim assessed versus employers equates to to 40 or half of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area 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 protection on the basis of the reality that you were not in compliance with laws um in the UK