Managing payroll internationally is a difficult job … Papaya Global Update V25…
How much revenue does the company make? Papaya Global Update V25
Over the last five or 6 years …Papaya Global Update V25… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort 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 sunshine is it it’s not no it’s it’s drizzling here it’s really very gloomy and I want I was somewhere else at this moment in time alright so let’s get going our program 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 standard savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies 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 individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities 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 often with pen and paper and that 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 say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be included best 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 nation there’s payment time frames there’s payment abilities 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 wherever you look best ultimately developing a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by organizations across the world so again you’re simply looking to include more and more payments to this currently intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details 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 doesn’t always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply 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 a period that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service 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 indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on individuals’s wellness and many other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market kind 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 kind of webinar has actually been informed 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 staff members or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 things is absolutely important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is an excellent primary step um supplying an end-to-end payroll option for your workers internationally again I believe is another substantial um process again aligning and guaranteeing you have standardization International processes all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and checking 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t 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 know how how important 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 easy as possible for everyone that’s associated with those processes and also so imagine sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture 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 however it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of shot to return to everybody so moving on appearance why do companies select to main separate bank accounts there are Papaya Global Update V25 services out there doing precisely this for specific countries and I have actually worked in a service or numerous organizations doing exactly that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anyone 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 amount that we are I believe lots of factors one is it’s the requirement I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs looking at it needs changing but ultimately people are really stuck with what they recognize
with ideal um modification is a difficult thing we all do not 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 lot of track of stuff um I understand clearly the advantages of having maintaining numerous savings account but there’s a substantial amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is huge but I believe the truthful response is change um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually always 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 could practically be determined to be the next Century approximately there is a lot to track and this method does posture a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched our Business 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 better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update V25
I find time and time again the workers often misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you need to be employed or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected 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 passed they have not contributed to pensions Etc so it’s a big effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification but usually premiums are just covering the expense of legal charges whilst the typical claim examined versus companies corresponds 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 require to read the fine print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do think 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 denied protection on the basis of the truth that you were not in compliance with laws um in the UK