Handling payroll worldwide is an overwhelming job … Training Papaya Global…
How much revenue does the company make? Training Papaya Global
Over the last 5 or six years …Training Papaya Global… roles on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody 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 fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also discuss a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them becomes more and more intricate Global companies are looking to discover Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment perspective lots of organizations preserve different bank account just for payroll while some have numerous accounts in various nations does it make sense for business to keep different bank accounts in some cases in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Labor force is currently three 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 currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating variety of different systems resulting in time-consuming manual processes and silos the variety of Integrations 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 been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses 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 mistakes are because of time reporting bad HCM information information entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the necessary numerous 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 organization face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities 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 client’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like extremely 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 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 innovation is allowing us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 ultimately 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to sort of the level of intricacy there’s more and more benefits being organ or being offered by companies throughout the world so once again you’re just wanting to include increasingly more payments to this currently complex landscape so if you sort 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 real difficulties or real difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would certainly state that the larger a business 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 details into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an effect point of view on employees it is absolutely critical that it’s done properly and on time so what we mean 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 destructive result on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been impressed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually been informed 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 staff members or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply 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 definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll option for your employees internationally once again I think is another substantial um process once again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of businesses and reducing the variety 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a function 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to return to everybody so proceeding look why do companies choose to main different savings account there are Training Papaya Global services out there doing precisely this for specific countries and I’ve worked in a business or many organizations doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not need 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 many factors one is it’s the requirement I believe people have got so utilized to we require a new checking account we open an entity and rightly 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 simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing but eventually individuals are extremely stuck with what they recognize
with ideal 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 lot of track of things um I comprehend undoubtedly the benefits of having keeping numerous checking account but there’s a big amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is big however I think the sincere answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck 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 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 know what might nearly be determined to be the next Century approximately there is a lot to keep track of and this approach does position several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification 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 gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Training Papaya Global
I find time and time again the workers frequently misclassified unknowingly they do not understand the conditions of work or contract and are informed by the client why it’s optimum primarily to the client why you must be used or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several 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 Etc so it’s a huge effect that they never ever 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 companies are securing insurance versus misclassification however generally premiums are only covering the cost of legal fees whilst the average claim evaluated against employers relates to to 40 or half of the base pay of employee exists any point in getting 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 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 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