Handling payroll worldwide is a daunting job … Papaya Global Comparison…
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Over the last five or six years …Papaya Global Comparison… functions on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody 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 sort of like see where everybody originates from and I really 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 drizzling here it’s extremely really dreary and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain separate
bank accounts 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 strategic asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them ends up being a growing number of intricate Worldwide companies are wanting to discover Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment perspective lots of companies keep different bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to keep separate savings account often in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business simplify the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a difficult job into a tactical property.
due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of staff members and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Despite living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and solutions to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of global organizations have 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 poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a great concern I always toss this back and state what is it what does not require to be included right and what does
it need to be thought about 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 client’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 basic and technology is allowing us to type of move on with that it also too to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 often 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 people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re just seeking to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense perspective from an impact perspective on workers it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful impact on people’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll option for your staff members internationally once again I think is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and decreasing the number of tools platforms and bank accounts they require 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’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential a role it is and that’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 simple as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating 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 require days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everyone so moving on look why do companies choose to main separate checking account there are Papaya Global Comparison organizations out there doing exactly this for particular nations and I have actually worked in a service or numerous services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anybody that’s dealing with 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 many reasons one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering but ultimately people are very stuck with what they’re familiar
with best um change is a hard thing all of us do not like modification um so I believe it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping several savings account but there’s a huge quantity of complexity opts for setting up a checking account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is substantial but I believe the honest response is change um individuals have not been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep track of and this approach does pose several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I recently made a change to our Business 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 acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Comparison
I find time and time again the employees typically misclassified unknowingly they do not understand the conditions of employment or agreement and are informed by the client why it’s most advantageous mainly to the client why you need to be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and several 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 Etc so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance coverage against misclassification but normally premiums are just covering the expense of legal fees whilst the average claim examined against companies equates to to 40 or half of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other area 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK