Handling payroll worldwide is a complicated task … Papaya Global Ghana…
How much revenue does the company make? Papaya Global Ghana
Over the last five or six years …Papaya Global Ghana… functions on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a recap and that should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them ends up being more and more complex International organizations are looking to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different savings account often in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 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 traditional payroll model there’s often a frustrating number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really extremely fundamental there’s no real consistency framework we’re residing in an era of tech but payroll has actually 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 simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the wrong place 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 money worldwide payroll and payments don’t run efficiently if they depend on the necessary numerous processes 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 service face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be consisted of best and what does
it require 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 amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 fundamental and technology is permitting us to type of progress with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you stroll 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 typically split and cut up um eventually 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
The modern world puts a high value on well-being and the compensation landscape is becoming increasingly detailed. Companies are constantly introducing new benefits and payment choices, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s highly innovative era, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s greatest expense, should be processed properly and on time. Even small delays can negatively affect staff members’ well-being and have far-reaching effects. Therefore, it’s important to focus on precise and prompt payments.
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things go wrong. However, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally also. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Worldwide Payments first payroll payment solution is an excellent initial step towards offering a thorough payroll solution for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts required for global payroll are essential factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we know how how crucial a role it is which’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 imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely 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 try to look through them and in fact see what was going on and sort of shot to return to everybody so moving on appearance why do business pick to primary separate bank accounts there are Papaya Global Ghana companies out there doing exactly this for specific countries and I have actually worked in an organization or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for any person 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 quantity that we are I think lots of factors one is it’s the requirement I believe people have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes 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 individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering however eventually individuals are extremely stuck to what they recognize
with ideal um change is a challenging thing we all do not like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping numerous checking account however there’s a big amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial however I think the truthful answer is modification um people have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is knowledge 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 advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to keep track of and this method does pose several challenges um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so
I simply 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 Worldwide employees you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Ghana
I discover time and time again the employees often misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the client why it’s most advantageous primarily to the client why you need to be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted 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 gone by they haven’t added to pensions And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance versus misclassification but normally premiums are just covering the cost of legal costs whilst the average claim examined versus employers corresponds to to 40 or half of the base pay of worker exists any point in taking out 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 at least so uh the the other location 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 pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK