Handling payroll internationally is a complicated task … Papaya Global Client…
How much revenue does the company make? Papaya Global Client
Over the last five or 6 years …Papaya Global Client… functions on the service provider side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody 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 really very dreary and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving 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 discuss why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most notably regulations compliance information security and banking rules then there are the large numbers they include more intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really really fundamental there’s no real consistency framework we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company invests in global payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they depend on the needed several procedures 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 challenges business face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be considered there’s varying 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 abilities 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 right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and technology is permitting us to sort of move on with that it likewise too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m constantly impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation 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 process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the payment landscape is ending up being progressively complex. Companies are constantly presenting new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically sophisticated period, there’s no justification for keeping troublesome treatments. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even small delays can negatively affect staff members’ wellness and have significant effects. For that reason, it’s vital to prioritize accurate and prompt payments.
payroll team get um so I’m unsure anyone on this kind 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 staff members or not um but ultimately payroll is such an important cycle we all find out 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 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is an excellent first step um supplying an end-to-end payroll option for your employees worldwide once again I believe is another substantial um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and bank accounts they need 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’ve never had a hundred thousand of 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 problems where things haven’t gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway 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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of shot to return to everyone so proceeding look why do business choose to primary separate checking account there are Papaya Global Client organizations out there doing precisely this for specific countries and I have actually worked in a service or lots of services doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not need to and any person that’s managing 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 quantity that we are I believe numerous factors one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and appropriately 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 simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a process that requires looking at it requires altering however eventually individuals are really stuck to what they recognize
with ideal um change is a difficult thing all of us do not like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving numerous checking account however there’s a big quantity of complexity opts for setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is big however I believe the sincere response is change um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but 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 could practically be determined to be the next Century approximately there is a lot to track and this technique does position several challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Client
I discover time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s most advantageous mainly to the client why you should be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they have not contributed to pensions Etc so it’s a big effect that they never understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance versus misclassification but generally premiums are just covering the cost of legal charges whilst the average claim evaluated against employers corresponds to to 40 or half of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK