Managing payroll internationally is a difficult job … Papaya Global Inc Atlanta…
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Over the last five or six years …Papaya Global Inc Atlanta… roles on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join we all 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 already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of factors most notably policies compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll design there’s typically an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there’s no genuine consistency structure we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state 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 international payroll the less of a photo they see an absence of visibility 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 global services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they depend on the required several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a great concern I always throw this back and state what is it what does not need to be included 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 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to type of move on with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by organizations across the world so once again you’re simply aiming to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any company has from an expense perspective from an effect viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we indicate 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 result on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed 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 eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is a great primary step um supplying an end-to-end payroll solution for your employees globally once again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and checking 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 also so imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing 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 require days of the week to attempt to look through them and really see what was going on and sort of shot to return to everyone so proceeding look why do business pick to main different bank accounts there are Papaya Global Inc Atlanta businesses out there doing exactly this for specific countries and I have actually worked in a business or many businesses doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals 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 functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing but ultimately individuals are really stuck to what they’re familiar
with best um change is a difficult thing all of us do not like change um so I believe it’s simply type 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 obviously the benefits of having maintaining several checking account however there’s a substantial amount of complexity chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is substantial however I believe the sincere answer is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this approach does pose numerous challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Inc Atlanta
I discover time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of employment or contract and are told by the client why it’s most advantageous generally to the client why you must be employed or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care privileges 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 passed they have not added to pensions Etc so it’s a big effect that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification however normally premiums are only covering the cost of legal fees whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage 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 have not seen it a minimum of so uh the the other area that I do think 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 reality that you were not in compliance with laws um in the UK