Managing payroll worldwide is a difficult task … Papaya Global Course Fees…
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Over the last five or six years …Papaya Global Course Fees… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us 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 everybody originates from and I really 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 really very uninspiring and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also go over a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and managing them becomes a growing number of complex Global companies are wanting to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment standpoint lots of companies preserve separate checking account just for payroll while some have several accounts in different nations does it make sense for business to maintain different savings account in some cases in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies properly 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 challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the international Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 frequently an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely extremely fundamental 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 frequently 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 services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included right and what does
it require 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 time frames 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 intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if however some babies 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 absolutely fundamental and technology is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to add to kind of the level of intricacy there’s more and more advantages being organ or being used by organizations throughout the world so once again you’re just wanting to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine tough type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would absolutely state that the bigger a service 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 teams feeding details into the next function as it were that’s really managing the payment side of things however 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 create extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you understand that we are operating 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 a cost viewpoint from an effect perspective on workers it is absolutely 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 effect on people’s wellness and lots of other factors if individuals aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also 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 very first payroll payment solution is a terrific first step um supplying an end-to-end payroll solution for your employees globally once again I think is another huge um procedure again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and savings account they need for their Global payroll too could not 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 think of sorry I’m simply I was just gon na state envision the amount 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 numerous thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying 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 try to check out them and actually see what was going on and type of try to get back to everybody so moving on look why do companies pick to main different bank accounts there are Papaya Global Course Fees businesses out there doing exactly this for particular nations and I have actually operated in a company or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires changing however ultimately individuals are extremely stuck with what they’re familiar
with right um change is a hard thing we all don’t like change um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining numerous checking account however there’s a substantial amount of intricacy goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is big but I think the truthful response is modification um people have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to monitor and this technique does present numerous obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Course Fees
I discover time and time again the employees often misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the client why it’s most advantageous generally to the customer why you must be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage versus misclassification however normally premiums are only covering the cost of legal fees whilst the typical claim evaluated versus employers equates to to 40 or 50 percent of the base salary of worker is there any point in taking out insurance coverage 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 in many cases I haven’t 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 saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK