Managing payroll internationally is a daunting job … Papaya Global File Cannot Upload To Nest…
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Over the last 5 or 6 years …Papaya Global File Cannot Upload To Nest… roles on the company side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating 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 actually do hope it’s much sunnier than it remains 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 extremely very gloomy and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that should leave his time at the very really 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 International labor forces become more and more typical and handling them becomes a growing number of complicated Global organizations are seeking to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment standpoint many organizations maintain different bank account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different bank accounts in some cases in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated 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 services and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely really basic there’s no real consistency structure we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to offer you a concept 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 sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed 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 challenges service face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if but some children 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so once again you’re just aiming to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect perspective on employees it is absolutely 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 most significant harmful impact on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually 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 simply a tick box exercise and I believe 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 essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a great first step um supplying an end-to-end payroll solution for your employees internationally once again I believe is another huge um process again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and savings account they require for their International 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 thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how crucial 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 processes and likewise so picture sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly 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 however it would certainly be an interesting 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 type of try to get back to everybody so proceeding look why do companies select to primary different savings account there are Papaya Global File Cannot Upload To Nest businesses out there doing precisely this for specific countries and I’ve worked in an organization or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I believe people have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but eventually people are very stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like modification um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining multiple savings account but there’s a huge amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is huge but I believe the honest answer is change um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this technique does pose several difficulties um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so
I simply 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 Global employees you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global File Cannot Upload To Nest
I find time and time again the workers often misclassified unknowingly they do not understand the conditions of work or contract and are told by the customer why it’s most advantageous primarily to the client why you need to be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee 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 passed they have not added to pensions And so on so it’s a big impact that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance coverage against misclassification but typically premiums are only covering the expense of legal costs whilst the average claim examined against employers relates to to 40 or half of the base salary of employee is there 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 charge and interest for the most part I have not seen it at least so uh the the other location that I do believe if you managed to get the protection 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