Handling payroll worldwide is a difficult job … Papaya Global Version 23…
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Over the last 5 or 6 years …Papaya Global Version 23… functions on the service provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone 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 intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes 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 very very dreary and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they include more intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming number of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very very fundamental there’s no real consistency structure we’re residing in an age of tech however 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 simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service spends on international payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international organizations have revealed 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 information entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong place the typical cost of an international data 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 do not run efficiently if they count on the essential several processes 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 challenges service face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be considered 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 capabilities 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 customer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 definitely fundamental and innovation is enabling us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always surprised 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 occupation 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 process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply seeking to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any company has from a cost viewpoint from an impact perspective on staff members it is definitely critical that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on individuals’s wellness and many other elements if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem 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 first Global Payments very first payroll payment solution is a fantastic first step um supplying an end-to-end payroll service for your employees globally once again I believe is another big um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and minimizing the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how essential 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so moving on appearance why do companies select to main separate bank accounts there are Papaya Global Version 23 businesses out there doing exactly this for particular countries and I have actually worked in a business or lots of services doing exactly that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anybody that’s managing 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 amount that we are I think many factors one is it’s the standard I think people have got so used to we require a brand-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 think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires altering but eventually individuals are extremely stuck to what they recognize
with right um change is a tough thing we all don’t like change 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 understand obviously the advantages of having keeping several bank accounts however there’s a substantial quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is big however I believe the truthful response is change um people have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this technique does posture several difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Version 23
I discover time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of employment or agreement and are informed by the client why it’s optimum primarily to the client why you must be utilized or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not added to pensions And so on so it’s a big impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are getting insurance coverage against misclassification but generally premiums are just covering the expense of legal costs whilst the typical claim evaluated against companies corresponds to to 40 or half of the base pay of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest for the most part 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 pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK