Managing payroll worldwide is an overwhelming job … Papaya Global Learning Books…
How much revenue does the company make? Papaya Global Learning Books
Over the last five or 6 years …Papaya Global Learning Books… functions on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely gloomy and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate bank accounts 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 discuss why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a troublesome job into a tactical property.
due to various guidelines, compliance requirements, information security issues, and banking rules. The large variety of staff members and companies adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and solutions to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the average expense of a global 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 do not run smoothly if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a good concern I constantly toss 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 information 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely crucial but 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 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 absolutely fundamental and technology is allowing us to kind of progress with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you walk 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 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 people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the compensation landscape is ending up being significantly detailed. Companies are continuously presenting new benefits and payment choices, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically innovative era, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s greatest expenditure, need to be processed correctly and on time. Even minor delays can negatively affect employees’ well-being and have far-reaching repercussions. Therefore, it’s important to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 things is definitely important that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll solution for your staff members globally once again I believe is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of organizations and reducing the variety of tools platforms and checking account they need 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job 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 try to look through them and really see what was going on and type of shot to return to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Learning Books services out there doing exactly this for specific countries and I’ve worked in a company or numerous businesses doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people 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 purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately people are extremely stuck to what they’re familiar
with right um change is a challenging thing we all do not like modification um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving multiple checking account however there’s a substantial amount of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the complexity is big however I believe the truthful response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Learning Books
I find time and time again the workers frequently misclassified unconsciously they do not understand the conditions of employment or contract and are told by the client why it’s optimum mainly to the customer why you ought to be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never ever knew they were walking 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 taking out insurance against misclassification however usually premiums are only covering the expense of legal fees whilst the typical claim examined against companies relates to to 40 or half of the base salary of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK