Handling payroll worldwide is a complicated job … Papaya Global.Conm…
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Over the last 5 or 6 years …Papaya Global.Conm… roles on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply provide everybody another couple of uh well among 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 rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely really gloomy and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll likewise review a wrap-up which needs to leave his time at the extremely 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 Global labor forces become increasingly more common and managing them ends up being a growing number of complicated International companies are wanting to find Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment perspective numerous companies maintain separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep different bank accounts in some cases in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can transform them from a difficult task into a tactical possession.
due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and businesses contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of combination, leading to disparities and inefficiencies. Despite residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and options to simplify and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included ideal and what does
it require to be considered there’s differing Bank details 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 have to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually constructing a knowledge base is absolutely crucial but 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 take a 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 absolutely basic and innovation is allowing us to sort of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 ultimately 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to type of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so again you’re simply looking to add a growing number of payments to this currently complicated landscape so if you type 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 difficulties or genuine difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on employees it is definitely crucial 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 have to be done right it has the biggest destructive result on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a great initial step um providing an end-to-end payroll service for your workers worldwide once again I believe is another substantial um process again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and savings account they need for their Worldwide 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 have actually never had a hundred thousand of 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 have not gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential a role 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 everybody that’s involved in those processes and also so envision sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting 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 get back to everyone so proceeding appearance why do business pick to main separate savings account there are Papaya Global.Conm organizations out there doing precisely this for particular countries and I’ve worked in a business or numerous businesses doing precisely that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not producing 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 ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I believe people have actually got so utilized to we require a brand-new bank 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 believe it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing however eventually individuals are extremely stuck to what they’re familiar
with right um modification is a hard thing we all do not like modification um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping several bank accounts however there’s a big amount of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is huge however I think the sincere answer is modification um people haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does pose numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle 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 actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global.Conm
I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum generally to the client why you ought to be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added 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 instance hmrc can return as much as ten years um Kathy companies are securing insurance coverage against misclassification but typically premiums are only covering the expense of legal charges whilst the average claim evaluated versus employers equates to to 40 or half of the base salary of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are stating 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