Managing payroll globally is a difficult job … Papaya Global Database Username…
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Over the last 5 or six years …Papaya Global Database Username… roles on the supplier side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also go over a recap which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and handling them ends up being increasingly more intricate Global organizations are seeking to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint many companies maintain different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different savings account in some cases in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 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 around the globe in the standard payroll model there’s often a frustrating number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very extremely basic there’s no real consistency structure we’re residing 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 which just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in global payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the required numerous processes 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 business face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of ideal 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 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 intricacy anywhere you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I’m always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so once again you’re simply looking to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real tough sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would certainly say that the larger a service 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 actually handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense viewpoint from an impact point of view on employees it is absolutely crucial that it’s done properly and on time so what we mean 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 detrimental effect on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has 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 employees or not um but ultimately payroll is such an important cycle all of us find out about 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 likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your employees globally again I believe is another substantial um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of companies and reducing the variety of tools platforms and savings account they need 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite 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 important 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 associated with those processes and likewise so picture sorry I’m simply I was just gon na say imagine 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 talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of try to get back to everyone so carrying on look why do business choose to primary different checking account there are Papaya Global Database Username businesses out there doing precisely this for particular countries and I have actually worked in a company or numerous services doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t need 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 believe many reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add 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 think there’s a variety I believe this is a procedure that needs looking at it requires altering however eventually individuals are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like change um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining numerous bank accounts but there’s a substantial amount of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is big however I believe the sincere response is change um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep track of and this approach does pose several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Database Username
I discover time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of employment or contract and are told by the customer why it’s optimum mainly to the client why you must be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages 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 far too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification however typically premiums are just covering the cost of legal costs whilst the typical claim assessed versus companies equates to to 40 or half of the base salary of worker exists any point in securing insurance and what is the alternative yeah to your point um you do require 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 location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK