Managing payroll internationally is a difficult job … Nicolas Roquefort Villeneve Papaya Global…
How much revenue does the company make? Nicolas Roquefort Villeneve Papaya Global
Over the last 5 or 6 years …Nicolas Roquefort Villeneve Papaya Global… roles on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so 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 just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise go over a wrap-up which should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and managing them ends up being more and more complicated Global companies are looking to discover Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment standpoint lots of organizations preserve separate savings account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different checking account in some cases in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business streamline the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a challenging task into a strategic asset.
due to different guidelines, compliance requirements, data security concerns, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and a lack of integration, leading to disparities and inadequacies. Despite residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and options to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses 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 a photo they see a lack of visibility also extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 intricacy wherever you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of move on with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I’ve split 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 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 wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the settlement landscape is ending up being progressively detailed. Businesses are constantly introducing new advantages and payment alternatives, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s highly sophisticated era, there’s no validation for keeping cumbersome procedures. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even small hold-ups can adversely impact workers’ well-being and have far-reaching effects. Therefore, it’s critical to prioritize accurate and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has actually been informed 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 employees or not um however eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think 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 definitely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll option for your workers globally again I believe is another substantial um process once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of businesses and reducing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 associated with those processes and likewise so picture sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everybody so proceeding look why do companies pick to primary separate bank accounts there are Nicolas Roquefort Villeneve Papaya Global companies out there doing precisely this for particular nations and I have actually worked in an organization or lots of organizations doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and anyone that’s dealing with that process 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 lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a process that needs looking at it requires changing however eventually people are extremely stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining numerous savings account but there’s a big amount of complexity opts for setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the intricacy is substantial but I think the honest response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does position several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Enterprise 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 Global staff members you are worthy of a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Nicolas Roquefort Villeneve Papaya Global
I discover time and time again the workers frequently misclassified unwittingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the customer why you should be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges 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 far too late years have gone by they haven’t added to pensions And so on so it’s a big impact that they never 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 business are getting insurance against misclassification however typically premiums are just covering the cost of legal costs whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many 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 coverage what we are saying 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