Handling payroll globally is a challenging task … Papaya Global Cost…
How much revenue does the company make? Papaya Global Cost
Over the last 5 or six years …Papaya Global Cost… roles on the supplier side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly 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 drizzling here it’s extremely very uninspiring and I wish I was somewhere else at this moment in time all right 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 International payroll why business preserve different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex difficulty for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to enhance working capital, and find how improving global payroll payments can transform them from a troublesome task into a strategic asset.
due to various regulations, compliance requirements, data security issues, and banking guidelines. The large variety of employees and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and a lack of combination, resulting in disparities and inadequacies. Despite living in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and options to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a company spends on global payroll the less of a picture they see a lack of visibility 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 international services have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors badly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be included ideal and what does
it need to be considered there’s differing 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 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 intricacy any place you look right ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re just looking to add a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or genuine tough kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you know 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 greatest liability that any company has from a cost viewpoint from an effect point of view on staff members it is definitely 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 have to be done right it has the most significant destructive result on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually always been impressed entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other essential matters are done properly. Using the very first Global Payments very first payroll payment solution is a great preliminary step towards supplying a thorough payroll option for employees worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts necessary for worldwide payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
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 involved in those processes and likewise so envision sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous 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 interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and sort of try to get back to everyone so moving on appearance why do business choose to main separate savings account there are Papaya Global Cost companies out there doing exactly this for specific countries and I have actually worked in a service or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and anybody that’s managing 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 amount that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it needs changing however ultimately individuals are very stuck to what they recognize
with ideal um modification is a hard thing all of us do not like change um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping several checking account however there’s a huge amount of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big but I believe the truthful response is modification um people haven’t had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Cost
I discover time and time again the employees frequently misclassified unwittingly they don’t understand the conditions of work or agreement and are told by the customer why it’s optimum generally to the client why you should be employed or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions Etc so it’s a huge impact that they never knew they were strolling 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 business are getting insurance against misclassification however usually premiums are only covering the expense of legal fees whilst the typical claim assessed against employers equates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the protection 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