Managing payroll globally is a difficult task … Papaya Global Connect…
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Over the last 5 or 6 years …Papaya Global Connect… functions on the company side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays 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 kind of like see where everybody 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 extremely dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we’ll likewise review a wrap-up and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them ends up being more and more complex International organizations are wanting to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment standpoint many companies maintain separate checking account just for payroll while some have several accounts in different countries does it make sense for companies to preserve different checking account in some cases in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex procedures of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to enhance working capital, and discover how enhancing international payroll payments can transform them from a burdensome job into a tactical possession.
due to numerous regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and services adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of combination, resulting in disparities and inefficiencies. Despite residing in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to supply insights and options to streamline and enhance worldwide payroll payments.
about it to provide 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 offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide organizations have revealed that they do not 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 poor HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included ideal and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need 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 best ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble very payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the settlement landscape is ending up being significantly elaborate. Companies are continuously presenting brand-new benefits and payment alternatives, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated era, there’s no validation for preserving troublesome procedures. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even small delays can adversely impact employees’ wellness and have far-reaching effects. For that reason, it’s important to prioritize accurate and timely payments.
payroll group get um so I’m unsure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a great initial step um supplying an end-to-end payroll service for your employees globally once again I think is another substantial um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and checking account 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 had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyway we understand 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state 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 hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so carrying on appearance why do business choose to primary separate checking account there are Papaya Global Connect organizations out there doing exactly this for particular countries and I have actually worked in a business or numerous organizations doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and any person that’s managing 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 think numerous reasons one is it’s the requirement I think people have actually got so used to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add 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 believe there’s a variety I think this is a procedure that needs looking at it needs changing but eventually individuals are extremely stuck with what they recognize
with right um change is a challenging thing all of us don’t like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving numerous checking account however there’s a huge amount of intricacy goes with establishing a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is huge however I think the truthful response is change um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this technique does position numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Connect
I find time and time again the workers often misclassified unconsciously they do not understand the conditions of employment or agreement and are informed by the client why it’s most advantageous mainly to the customer why you must be used or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions And so on so it’s a big effect that they never understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance versus misclassification however generally premiums are just covering the expense of legal fees whilst the typical claim assessed against employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in securing 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 most of the times I have not seen it a minimum of so uh the the other area that I do think 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 protection on the basis of the reality that you were not in compliance with laws um in the UK