Handling payroll globally is a daunting job … Papaya Global Gdpr…
How much revenue does the company make? Papaya Global Gdpr
Over the last five or 6 years …Papaya Global Gdpr… roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also discuss a recap which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them ends up being increasingly more complex Global organizations are aiming to find Solutions and new methods to improve processes especially from a payroll and cross-border payment viewpoint many companies maintain separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve separate savings account often in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex processes of
Making sure accurate, effective, and prompt 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 checking account, learn how companies forecast payroll expenses to optimize working capital, and discover how enhancing international payroll payments can transform them from a difficult task into a strategic property.
due to different policies, compliance requirements, data security concerns, and banking rules. The large number of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and an absence of combination, resulting in disparities and inefficiencies. In spite of residing in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and solutions to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the essential several 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 company face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s differing 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 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 best ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently 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 but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so once again you’re simply aiming to include more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging 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 definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on staff members it is absolutely important that it’s done properly and on time so what we suggest 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 harmful result on people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 things is absolutely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll service for your staff members globally again I believe is another substantial um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and checking account they require 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’ve never ever 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 problems where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how essential 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies select to primary different savings account there are Papaya Global Gdpr organizations out there doing precisely this for specific nations and I have actually operated in a service or numerous organizations doing exactly 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 developing extra work for anyone where we don’t have to and anybody that’s managing that procedure 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 think many factors 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 require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering but ultimately people are really stuck to what they’re familiar
with ideal um change is a tough thing all of us don’t like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving numerous checking account but there’s a huge amount of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is big but I believe the sincere answer is modification um individuals haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve constantly 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 might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I simply did you changed 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 Worldwide workers you deserve a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Gdpr
I discover time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the client why you must be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions Etc so it’s a big impact that they never ever knew 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 10 years um Kathy companies are taking out insurance against misclassification however normally premiums are only covering the expense of legal charges whilst the typical claim evaluated against companies corresponds to to 40 or 50 percent of the base pay of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other location that I do think 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