Managing payroll globally is a challenging job … Papaya Global Papaya Global Payroll…
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Over the last five or 6 years …Papaya Global Papaya Global Payroll… functions on the provider side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating 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 everyone comes from and I truly do hope it’s much sunnier than it remains 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 very really gloomy and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals 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 around the globe in the traditional payroll design there’s often a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really really basic there’s no real consistency framework we’re living in an age of tech however 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 each 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 businesses say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great question I constantly throw 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 details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like super 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 acknowledgment that payroll payments are absolutely basic and technology is enabling us to sort of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to sort of the level of complexity there’s increasingly more advantages being organ or being offered by organizations throughout the world so once again you’re just wanting to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any service has from an expense viewpoint from an effect point of view on staff members it is definitely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging effect on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just see when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally too. Therefore, it is essential to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic preliminary step towards offering an extensive payroll option for staff members worldwide. Standardization, global processes, and lowering the number of tools, platforms, and savings account needed for international payroll are crucial factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand 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 simple as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of 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 think of the size of my my Outlook inbox if that was the case um you ‘d need 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 moving on look why do companies select to main separate savings account there are Papaya Global Papaya Global Payroll organizations out there doing precisely this for specific nations and I’ve worked in a service or numerous organizations doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we do not need 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 quantity that we are I believe lots of reasons one is it’s the requirement I believe people have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past 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 think there’s a variety I think this is a process that requires taking a look at it requires changing but eventually individuals are extremely stuck to what they’re familiar
with ideal um change is a hard thing we all don’t like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping multiple checking account but there’s a big amount of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is huge however I think the sincere answer is change um individuals haven’t had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does pose several obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Papaya Global Payroll
I discover time and time again the employees typically misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s most advantageous primarily to the customer why you must be used or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 added to pensions And so on so it’s a huge effect that they never ever knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance against misclassification however usually premiums are just covering the cost of legal costs whilst the typical claim assessed against employers equates to to 40 or half of the base salary of employee is there any point in getting insurance coverage 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 in most cases I have not seen it at least so uh the the other location 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 pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK