Handling payroll globally is an overwhelming job … Papaya Global Sale…
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Over the last 5 or 6 years …Papaya Global Sale… functions on the company side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 extremely really gloomy and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also go over a recap which should 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 International workforces become a growing number of typical and handling them becomes more and more complex International organizations are seeking to find Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective lots of organizations keep separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to preserve separate savings account sometimes in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is currently three and a half billion individuals by 2030 it’s approximated 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 all over the world in the standard payroll model there’s often a frustrating number of different systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very extremely standard there’s no real consistency structure we’re living in a period 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 often with pen and paper and that just blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of global businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the essential numerous 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 making payments to workers or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be included right and what does
it need to be thought of there’s varying 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals state I’ve divided 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 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being used by businesses across the world so again you’re simply wanting to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the bigger a service 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 information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact point of view on employees it is definitely crucial that it’s done properly and on time so what we suggest 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 harmful effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is vital to make sure that tasks like Wi-Fi International and other vital matters are done properly. Utilizing the first International Payments very first payroll payment option is a great initial action towards offering an extensive payroll solution for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account required for worldwide payroll are key consider attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand how how crucial 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so moving on look why do companies choose to primary different checking account there are Papaya Global Sale organizations out there doing precisely this for specific countries and I’ve operated in a service or numerous services doing precisely that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and any person that’s managing that process 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 believe numerous reasons one is it’s the requirement I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced 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 type of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but ultimately individuals are very 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 simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining multiple checking account however there’s a huge amount of intricacy goes with establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is big but I believe the truthful answer is modification um individuals haven’t been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to monitor and this approach does position several obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Sale
I discover time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the client why you must be utilized or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a big impact that they never knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance versus misclassification but typically premiums are just covering the cost of legal fees whilst the typical claim assessed against companies equates to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in many cases I have not seen it at least so uh the the other location that I do think 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK