Managing payroll globally is a daunting task … Papaya Global Course…
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Over the last five or 6 years …Papaya Global Course… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 very uninspiring and I want 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 taking a look at the obstacle years of managing International payroll why companies keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate checking account for payroll in various nations, 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 property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add further intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s often a frustrating number of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very very fundamental there’s no real consistency framework we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international organizations 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 mistakes are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the necessary several procedures 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 challenges organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 complexity anywhere you look right ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer 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 ultimately 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to add to sort of the level of complexity there’s more and more advantages being organ or being offered by businesses across the world so once again you’re just aiming to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine difficult sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a business 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 groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an effect perspective on workers it is absolutely crucial 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 need to be done right it has the biggest detrimental impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has been told 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 ultimately payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll solution for your employees globally again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever 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 grievances where things have not gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how crucial a function 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 easy as possible for everyone that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of 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 certainly be an interesting task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to return to everybody so carrying on appearance why do business choose to primary separate bank accounts there are Papaya Global Course organizations out there doing precisely this for specific countries and I have actually worked in a business or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and any person that’s handling 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 amount that we are I think lots of factors one is it’s the requirement I think people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing however ultimately people are very stuck to what they’re familiar
with right um change is a challenging thing we all don’t like modification um so I believe 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 stuff um I comprehend undoubtedly the benefits of having maintaining numerous savings account however there’s a huge quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is big but I believe the sincere answer is change um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however 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 practically be determined to be the next Century or two there is a lot to track and this technique does posture numerous difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Course
I find time and time again the workers often misclassified unknowingly they do not understand the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the customer why you ought to be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions And so on so it’s a big effect that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are securing insurance versus misclassification however usually premiums are just covering the cost of legal charges whilst the typical claim examined against employers relates to to 40 or half of the base salary of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small 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 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