Handling payroll worldwide is a difficult job … Papaya Global Support Telephone…
How much revenue does the company make? Papaya Global Support Telephone
Over the last five or 6 years …Papaya Global Support Telephone… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing 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 is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately 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 properly 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 challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they include more intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 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 around the world in the traditional payroll model there’s typically a frustrating variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really extremely basic there’s no real consistency framework we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they depend on the necessary several procedures 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 difficulties business face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and say what is it what doesn’t require to be consisted of best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if but some babies 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 fundamental and innovation is enabling us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely crucial that payroll and finance teams work better together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you walk down the street and asked anybody 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the settlement landscape is ending up being increasingly intricate. Organizations are continually introducing brand-new advantages and payment choices, which contributes to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically advanced era, there’s no validation for preserving troublesome procedures. Payroll, the business’s biggest expense, should be processed correctly and on time. Even minor hold-ups can adversely impact employees’ wellness and have significant repercussions. For that reason, it’s important to focus on accurate and prompt payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails however 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 vital that all of this things is done correctly so leveraging the very first Global Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll solution for your staff members worldwide once again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and reducing the variety of tools platforms and savings account they need for their International payroll too couldn’t 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 thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how essential a role 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t envision 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 actually see what was going on and type of shot to get back to everybody so proceeding look why do companies choose to primary separate savings account there are Papaya Global Support Telephone services out there doing exactly this for specific nations and I’ve worked in a company or many organizations doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I believe people have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately people are extremely stuck to what they recognize
with ideal um modification is a tough thing all of us don’t like modification um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having maintaining multiple savings account but there’s a huge quantity of complexity opts for setting up a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I think the truthful answer is change um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does present a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Support Telephone
I discover time and time again the workers typically misclassified unconsciously they don’t understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous generally to the customer why you need to be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t added to pensions Etc so it’s a big 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 go back as much as 10 years um Kathy business are securing insurance against misclassification but usually premiums are just covering the expense of legal charges whilst the average claim examined against employers corresponds to to 40 or half of the base pay of worker exists 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 charge 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 coverage 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 truth that you were not in compliance with laws um in the UK