Managing payroll internationally is an overwhelming job … Papaya Global Curse…
How much revenue does the company make? Papaya Global Curse
Over the last five or six years …Papaya Global Curse… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well among 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 interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also review a recap which must leave his time at the very very 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 International labor forces become increasingly more typical and handling them ends up being a growing number of intricate Worldwide companies are aiming to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint lots of companies maintain different savings account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain different checking account often in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s frequently an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or very extremely standard there’s no genuine consistency framework we’re living 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 and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations along with lack 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 an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the required multiple 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 obstacles organization face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be included ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to kind of move on with that it also also to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by organizations throughout the world so again you’re just aiming to add a growing number of payments to this currently intricate landscape so if you sort 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 obstacles or real challenging type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments works 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 however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from an expense point of view from an effect viewpoint on staff members it is absolutely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all find out 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 workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll option for your staff members internationally again I believe is another huge um process again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of services and lowering the number of tools platforms and savings account they need 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 countless 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 problems where things have not gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 associated with those processes and likewise so picture sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting 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 require days of the week to attempt to look through them and really see what was going on and type of shot to return to everybody so carrying on look why do companies select to main different savings account there are Papaya Global Curse services out there doing precisely this for specific countries and I have actually operated in an organization or many businesses doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe people have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing however eventually people are extremely stuck to what they recognize
with right um modification is a challenging thing all of us don’t like modification um so I believe it’s just sort 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 comprehend obviously the benefits of having maintaining multiple bank accounts but there’s a substantial quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the complexity is big however I believe the honest answer is change um people have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does pose numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Curse
I find time and time again the workers typically misclassified unconsciously they do not understand the conditions of work or contract and are informed by the customer why it’s optimum primarily to the customer why you must be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care 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 passed they haven’t added to pensions Etc so it’s a big effect that they never understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance against misclassification however generally premiums are only covering the cost of legal fees whilst the average claim assessed versus employers equates to to 40 or half of the base salary 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 penalty and interest in many 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 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