Managing payroll worldwide is a daunting job … Juan Pablo Papaya Global…
How much revenue does the company make? Juan Pablo Papaya Global
Over the last five or six years …Juan Pablo Papaya Global… roles on the supplier side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type 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 kind of like see where everyone comes from and I truly 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 drizzling here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business keep different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how improving Global 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 worldwide it’s next level and Beyond it becomes complicated for a variety of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the world in the traditional payroll design there’s typically an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very basic there’s no genuine consistency framework we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that 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 just 11 of organizations say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company spends on global payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global organizations have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Savings 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 always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the settlement landscape is ending up being progressively complex. Businesses are continuously introducing brand-new benefits and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically innovative period, there’s no justification for keeping troublesome treatments. Payroll, the company’s biggest expense, must be processed properly and on time. Even small delays can negatively affect workers’ wellness and have significant consequences. For that reason, it’s vital to prioritize accurate and prompt payments.
payroll team get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us 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 workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll option for your workers internationally once again I think is another big um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and bank accounts they need 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 had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied 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 easy as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everyone so proceeding look why do companies pick to main different bank accounts there are Juan Pablo Papaya Global services out there doing exactly this for particular countries and I have actually worked in a company or lots of companies doing exactly that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I think people have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have adopted 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 type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering however ultimately people are really stuck with what they recognize
with best um modification is a challenging thing we all don’t like change um so I believe it’s simply sort 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 understand obviously the benefits of having preserving several checking account but there’s a big quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is big however I believe the truthful answer is modification um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does posture numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed 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 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Juan Pablo Papaya Global
I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of work or contract and are informed by the customer why it’s optimum primarily to the client why you must be used or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not added to pensions Etc so it’s a huge impact that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance versus misclassification however typically premiums are only covering the expense of legal costs whilst the typical claim evaluated versus companies corresponds to to 40 or half of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other location that I do believe if you managed to get the protection 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