Managing payroll internationally is a challenging task … Papaya Global Online Payroll Services…
How much revenue does the company make? Papaya Global Online Payroll Services
Over the last 5 or six years …Papaya Global Online Payroll Services… roles on the supplier side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 bleak and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also go over a recap which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and managing them becomes a growing number of complicated Worldwide organizations are aiming to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint many companies keep separate savings account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve different bank accounts sometimes in various nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and find how simplifying global payroll payments can transform them from a troublesome job into a strategic asset.
due to different guidelines, compliance requirements, information security concerns, and banking rules. The large number of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of combination, causing disparities and inadequacies. In spite of living in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on global payroll the less of an image they see an absence of presence 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 organizations have expressed 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 information entry errors poorly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 intricacy anywhere you look best ultimately developing a knowledge base is definitely crucial 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 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 acknowledgment that payroll payments are definitely fundamental and technology is allowing us to sort of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Details 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 people state I’ve divided payroll and payment um if you walk 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 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 data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to add to sort of the level of complexity there’s a growing number of advantages being organ or being offered by companies across the world so again you’re simply seeking to include more and more payments to this currently complex 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 real obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would absolutely 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 details into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an effect viewpoint on workers it is definitely 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 detrimental result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been amazed entering this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just see when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally as well. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment service is an excellent preliminary step towards supplying an extensive payroll option for staff members worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and savings account essential for global payroll are crucial factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case 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 carrying on appearance why do companies select to main different bank accounts there are Papaya Global Online Payroll Services services out there doing exactly this for specific nations and I’ve worked in an organization or many companies doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anybody that’s handling that procedure 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 many reasons one is it’s the requirement I think people have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe 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 people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately individuals are very stuck with what they’re familiar
with right um change is a challenging thing we all do not like modification um so I think 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 clearly the advantages of having preserving numerous savings account however there’s a huge quantity of intricacy goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is big but I believe the truthful response is change um people have not had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I simply did you changed our Enterprise 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 deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Online Payroll Services
I discover time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the client why it’s optimum mainly to the customer why you must be utilized or engaged 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 far too late years have passed they have not contributed to pensions And so on so it’s a huge impact that they never ever understood 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 ten years um Kathy business are securing insurance against misclassification however typically premiums are just covering the cost of legal costs whilst the typical claim examined against companies corresponds to to 40 or 50 percent of the base pay of employee exists any point in securing insurance and what is the alternative yeah to your point um you do require to read 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 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 truth that you were not in compliance with laws um in the UK