Managing payroll globally is a daunting task … Papaya Global Stock Symbol…
How much revenue does the company make? Papaya Global Stock Symbol
Over the last 5 or six years …Papaya Global Stock Symbol… roles on the service provider side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and discover how improving international payroll payments can transform them from a burdensome job into a strategic asset.
due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. Regardless of living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to accurately 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 require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 anywhere you look ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to type of move forward with that it also as well to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to sort of the level of complexity there’s more and more benefits being organ or being provided by businesses across the world so again you’re just seeking 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 certain however have you got any experience in kind of genuine challenges or genuine challenging sort 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 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 task there are groups feeding details 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 need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective 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 operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an impact point of view on workers it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful effect on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your employees worldwide again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of services and reducing the number of tools platforms and savings account they require for their Global 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 easy as possible for everybody that’s associated with those processes and also so imagine sorry I’m just I was simply gon na say envision 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 talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and actually see what was going on and kind of try to return to everybody so moving on look why do business select to primary different checking account there are Papaya Global Stock Symbol services out there doing precisely this for particular nations and I’ve worked in a service or lots of businesses doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we do not need to and any person 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 think lots of factors one is it’s the requirement I believe individuals have actually got so used to we require a new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked 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 procedure that needs looking at it needs altering however eventually individuals are very stuck to what they’re familiar
with best um modification is a challenging thing we all don’t like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping numerous checking account but there’s a huge quantity of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is substantial but I think the sincere response is modification um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but 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 moving on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep track of and this technique does posture several obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Stock Symbol
I discover time and time again the employees often misclassified unconsciously they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the client why you should be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted 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 Etc so it’s a huge impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance coverage versus misclassification but typically premiums are only covering the expense of legal charges whilst the typical claim evaluated against employers equates to to 40 or half of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other location that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK