Managing payroll worldwide is an overwhelming task … Papaya Global Reports…
How much revenue does the company make? Papaya Global Reports
Over the last 5 or 6 years …Papaya Global Reports… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 really really bleak and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very extremely fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international businesses have expressed that they do not have the level of standardization they need in their processes or want 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 then when you round all of it off and the data is shipped to the incorrect place the average 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 around the globe payroll and payments do not run efficiently if they depend on the essential numerous procedures 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 difficulties organization face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be thought about there’s differing Bank information 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is absolutely important however all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of move on with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 frequently split and cut up um eventually 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 however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being used by companies across the world so again you’re just seeking to add more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand 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 need to produce additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense viewpoint from an effect perspective on workers it is definitely vital that it’s done properly and on time so what we imply 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 detrimental result on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve always been amazed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this sort of webinar has been told 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 workers or not um but eventually payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout 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 stuff is absolutely vital that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll service for your employees worldwide once again I think is another huge um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and reducing the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate 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 do not think any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 think of sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting 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 attempt to browse them and in fact see what was going on and type of shot to return to everybody so proceeding look why do business select to main different checking account there are Papaya Global Reports companies out there doing precisely this for specific countries and I have actually worked in a company or numerous services doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I think people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck with what they’re familiar
with best um change is a tough thing we all don’t like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple bank accounts however there’s a huge quantity of intricacy opts for setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is big but I think the sincere response is modification um people have not 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 think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this technique does position numerous challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Reports
I find time and time again the employees frequently misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s most advantageous mainly to the customer why you should be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare 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 actually gone by they haven’t added to pensions Etc so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are getting insurance versus misclassification but generally premiums are only covering the cost of legal fees whilst the typical claim assessed against employers corresponds to to 40 or half of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty 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 truth that you were not in compliance with laws um in the UK