Managing payroll internationally is an overwhelming task … Papaya Global Update V28…
How much revenue does the company make? Papaya Global Update V28
Over the last five or six years …Papaya Global Update V28… roles on the service provider side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of 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 fascinating and I can see it going on already simply to hear where everybody 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it simplifies the complicated 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 service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they include further intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 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 globe in the standard payroll model there’s frequently an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or very really 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 frequently with pen and paper and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a service spends on international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they depend on the needed multiple procedures 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 obstacles business face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought about 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble 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 definitely fundamental and innovation is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by businesses across the world so once again you’re simply wanting to add increasingly more payments to this currently intricate landscape so if you kind 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 obstacles or real challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly state that the bigger an organization 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 information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an impact viewpoint on staff members it is absolutely important that it’s done correctly 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 detrimental effect on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anyone 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 employees or not um but ultimately payroll is such an important cycle we all become aware of it when it fails everyone 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a fantastic initial step um providing an end-to-end payroll solution for your employees internationally once again I believe is another huge um procedure once again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of services and lowering the number 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyhow we know 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na state 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 hundreds of thousands possibly Millions envision 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 definitely be a fascinating job trying to clean up 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 need days of the week to attempt to browse them and actually see what was going on and sort of try to return to everybody so moving on appearance why do companies choose to main different bank accounts there are Papaya Global Update V28 services out there doing precisely this for specific nations and I’ve worked in a business or lots of businesses doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for any person where we do not have to and anybody that’s handling that process 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 numerous factors one is it’s the standard I think individuals have actually got so used to we need a new checking 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 think it’s simply been the requirement and the standard individuals have adopted 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 lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering however ultimately individuals are extremely stuck with what they recognize
with right um change is a difficult thing all of us do not like change um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping numerous bank accounts however there’s a substantial amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is substantial however I believe the truthful answer is modification um people have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep track of and this approach does pose several challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you changed 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 Worldwide staff members you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update V28
I find time and time again the workers typically misclassified unwittingly they don’t comprehend the conditions of employment or contract and are informed by the client why it’s optimum generally to the customer why you must be utilized or participated in this style the employee might 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 too late years have actually passed they haven’t contributed to pensions And so on so it’s a big impact that they never understood they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification however usually premiums are just covering the cost of legal fees whilst the typical claim evaluated against companies relates to to 40 or 50 percent of the base pay of employee 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 charge and interest for the most part I haven’t seen it at least so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK