Handling payroll globally is a daunting task … Juanpablo Papaya Global…
How much revenue does the company make? Juanpablo Papaya Global
Over the last 5 or six years …Juanpablo Papaya Global… functions on the supplier side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather 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 is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really bleak and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and discover how improving worldwide payroll payments can transform them from a difficult job into a tactical asset.
due to different policies, compliance requirements, data security concerns, and banking guidelines. The large number of workers and services adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Regardless of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to provide insights and options to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they depend on the needed multiple 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 difficulties service face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of best 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 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 have to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 eventually 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-day world positions a high worth on wellness and the payment landscape is ending up being significantly intricate. Companies are constantly presenting new advantages and payment options, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically sophisticated era, there’s no justification for preserving cumbersome treatments. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even small delays can adversely impact workers’ well-being and have significant repercussions. For that reason, it’s important to focus on accurate and timely payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the very first Worldwide Payments first payroll payment option is a terrific preliminary step towards providing a thorough payroll option for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account essential for worldwide payroll are crucial factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyway we know 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 everybody that’s involved in those processes and also so think of sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do companies choose to main different bank accounts there are Juanpablo Papaya Global organizations out there doing precisely this for specific countries and I’ve operated in an organization or numerous organizations doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe individuals have got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to type 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 but eventually individuals are extremely stuck with what they recognize
with right um change is a hard thing we all don’t like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining numerous checking account however there’s a huge amount of complexity goes with setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is huge but I believe the truthful answer is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to monitor and this method does pose several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Juanpablo Papaya Global
I discover time and time again the workers typically misclassified unwittingly they do not understand the conditions of work or agreement and are informed by the customer why it’s most advantageous generally to the customer why you ought to be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker 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 Etc so it’s a big impact that they never understood they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance coverage against misclassification but usually premiums are only covering the cost of legal charges whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage 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 penalty and interest most of the times I have not seen it at least so uh the the other area that I do believe 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK