Managing payroll internationally is a daunting task … Papaya Global Payroll Services…
How much revenue does the company make? Papaya Global Payroll Services
Over the last five or six years …Papaya Global Payroll Services… roles on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody 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 very extremely dreary and I wish I was elsewhere at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise review a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them becomes a growing number of intricate Worldwide organizations are aiming to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment perspective numerous organizations keep separate bank account just for payroll while some have several accounts in different nations does it make good sense for business to keep separate bank accounts often in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings 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 asset so payroll can be difficult in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include additional intricacy the global Workforce 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 all over the world in the standard payroll model there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really really fundamental there’s no genuine consistency structure we’re living in an age of tech but payroll has been slow 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 each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of international 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 due to time reporting bad HCM information data entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently 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 company face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what does not require to be included best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 consumer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to type of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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
The contemporary world positions a high value on wellness and the settlement landscape is becoming significantly complex. Companies are continually presenting new advantages and payment options, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technically sophisticated age, there’s no justification for maintaining troublesome procedures. Payroll, the business’s greatest expense, must be processed correctly and on time. Even slight hold-ups can negatively affect workers’ well-being and have far-reaching effects. Therefore, it’s important to focus on precise and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent 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 become aware of it when it goes wrong everybody 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a terrific initial step um supplying an end-to-end payroll service for your workers globally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of services and reducing the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of 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 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 envision sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of shot to get back to everybody so moving on appearance why do companies select to primary different bank accounts there are Papaya Global Payroll Services services out there doing exactly this for specific countries and I’ve operated in an organization or many organizations doing precisely 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 developing additional work for anybody where we don’t have to and any person that’s dealing with that process 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 many factors one is it’s the requirement I believe people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have 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 process that needs taking a look at it needs altering however ultimately individuals are very stuck with what they’re familiar
with best um change is a hard thing we all do not like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining multiple savings account but there’s a substantial amount of complexity opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the sincere answer is change um individuals haven’t been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does posture several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification 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 actually gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Payroll Services
I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of work or agreement and are told by the customer why it’s most advantageous generally to the customer why you must be utilized or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and numerous 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 added to pensions And so on so it’s a big effect that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance versus misclassification however normally premiums are just covering the expense of legal fees whilst the average claim assessed against companies relates to to 40 or 50 percent 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 read the small print it is not covering the taxes penalty and interest most of the times 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 stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK