Managing payroll internationally is a challenging task … Papaya Global Payroll Delay…
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Over the last 5 or 6 years …Papaya Global Payroll Delay… functions on the provider side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone okay 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 these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s really very gloomy and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also discuss a recap and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being increasingly more complicated Global companies are wanting to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment standpoint many companies keep different checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to preserve different bank accounts often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s typically a frustrating number of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really very basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide companies 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 errors are because of time reporting bad HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they depend on the essential several processes systems and partners it is just 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 making payments to workers or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be included right and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 complexity any place you look ideal ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely basic and innovation is allowing us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work better together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll 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 an industry 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or real difficult type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger 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 information into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from a cost viewpoint from an impact viewpoint on staff members it is absolutely 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 have to be done right it has the greatest detrimental impact on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually always been impressed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has actually been told 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 however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent primary step um providing an end-to-end payroll service for your staff members worldwide once again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know 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 everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying 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 browse them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Payroll Delay companies out there doing exactly this for particular countries and I have actually worked in a business or numerous businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anybody that’s handling 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 amount that we are I think many factors one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires changing however ultimately individuals are really stuck with what they’re familiar
with right um modification is a challenging thing we all do not like change um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining numerous savings account however there’s a big amount of intricacy opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge however I believe the honest answer is change um individuals have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this technique does pose several difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Payroll Delay
I discover time and time again the employees frequently misclassified unwittingly they don’t understand the conditions of employment or agreement and are informed by the customer why it’s optimum mainly to the customer why you ought to be used or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions Etc so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance coverage versus misclassification however generally premiums are only covering the cost of legal fees whilst the typical claim assessed versus companies equates to to 40 or 50 percent of the base pay of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest most of the times I haven’t 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 denied protection on the basis of the fact that you were not in compliance with laws um in the UK