Managing payroll globally is a complicated task … Papaya Global 401K…
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Over the last five or 6 years …Papaya Global 401K… functions on the supplier side and also on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Workforce is presently three 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 factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s typically a frustrating number of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or really extremely fundamental there’s no real consistency framework we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I believe
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 Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in global payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical expense of a worldwide 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 world payroll and payments don’t run efficiently if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be included 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 nation there’s payment time frames there’s payment abilities 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 client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely vital however all over 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 look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to type of the level of intricacy there’s more and more advantages being organ or being provided by organizations throughout the world so again you’re simply aiming to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to create additional handoffs in the processes 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 an era of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from a cost perspective from an effect viewpoint on workers it is absolutely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful result on people’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly 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 a crucial cycle all of us 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 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 absolutely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a terrific first step um supplying an end-to-end payroll service for your workers worldwide once again I believe is another big um procedure once again aligning and ensuring you have standardization Global 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 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyhow 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 imagine sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can’t think of 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 in fact see what was going on and sort of try to return to everybody so proceeding look why do business pick to primary separate savings account there are Papaya Global 401K companies out there doing precisely this for specific nations and I have actually operated in a company or numerous companies doing precisely that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person 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 quantity that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however 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 actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs altering but eventually people are extremely stuck with what they recognize
with ideal um modification is a tough thing all of us don’t like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining multiple bank accounts but there’s a substantial amount of intricacy chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is huge but I think the truthful response is change um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides 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 a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to track and this method does pose several difficulties um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global 401K
I discover time and time again the employees frequently misclassified unconsciously they do not understand the conditions of employment or contract and are informed by the client why it’s optimum mainly to the client why you must be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions Etc so it’s a big effect that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are securing insurance against misclassification however normally premiums are just covering the cost of legal costs whilst the average claim assessed against employers relates to to 40 or 50 percent of the base salary of worker exists any point in securing insurance 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 for the most part 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 pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK