Managing payroll worldwide is a daunting task … Papaya Global Web Chat…
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Over the last 5 or 6 years …Papaya Global Web Chat… roles on the company side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually 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 raining here it’s extremely very bleak and I want I was elsewhere at this moment in time alright 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 Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also go over a recap which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and managing them ends up being increasingly more complicated International companies are looking to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment standpoint many companies preserve separate savings account just for payroll while some have several accounts in different nations does it make sense for business to maintain separate savings account often in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include more intricacy the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s frequently an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very very basic there’s no genuine consistency framework we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global businesses have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the needed multiple 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 business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what does not require to be included right and what does
it need to be thought about there’s varying Bank information 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 have 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 crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by businesses throughout the world so once again you’re simply wanting to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an effect perspective on workers it is definitely crucial that it’s done properly and on time so what we imply 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 impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been amazed entering into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your employees internationally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their Worldwide 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 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 grievances where things have not gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how important a role 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 also so imagine sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to return to everybody so proceeding look why do business choose to primary different savings account there are Papaya Global Web Chat companies out there doing precisely this for specific nations and I have actually worked in a service or numerous businesses doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and anyone that’s handling that process I ‘d be interested to hear your thoughts 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 utilized to we require a new bank 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 norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing but ultimately individuals are very stuck to what they’re familiar
with ideal um change is a difficult thing we all do not like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several checking account however there’s a huge quantity of complexity opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge but I think the truthful answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or two there is a lot to track and this approach does present numerous challenges um so Johnny might you tell us about those challenges yeah obviously 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 staff members you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Web Chat
I discover time and time again the workers typically misclassified unconsciously they don’t understand the conditions of work or agreement and are told by the customer why it’s optimum generally to the customer why you should be used or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker 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 passed they have not added to pensions Etc so it’s a big impact that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance coverage versus misclassification however normally premiums are just covering the expense of legal costs whilst the average claim evaluated against companies relates to to 40 or 50 percent of the base pay of worker exists any point in taking out 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 penalty 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 denied coverage on the basis of the truth that you were not in compliance with laws um in the UK