Handling payroll worldwide is a complicated job … Papaya Global.Io…
How much revenue does the company make? Papaya Global.Io
Over the last five or six years …Papaya Global.Io… functions on the provider side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much 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 these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving different savings 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 discuss why they are ending up being a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can change them from a troublesome task into a strategic asset.
due to different regulations, compliance requirements, data security concerns, and banking rules. The large variety of employees and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Despite living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and options to simplify and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on international payroll the less of an image they see an absence of presence also extends to 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 expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect location 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 money worldwide payroll and payments don’t run efficiently if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what does not require to be consisted of ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some children 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 acknowledgment that payroll payments are absolutely essential and innovation is enabling us to kind of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re simply aiming to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups 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 viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any business has from a cost point of view from an impact point of view on employees it is definitely important that it’s done properly and on time so what we imply 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 detrimental effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only see when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Using the first Worldwide Payments first payroll payment option is a fantastic initial step towards offering a detailed payroll solution for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account needed for global payroll are crucial consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely 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 attempt to check out them and really see what was going on and sort of shot to return to everyone so proceeding look why do business pick to primary different savings account there are Papaya Global.Io companies out there doing precisely this for specific nations and I’ve worked in a business or many services doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not need 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 lots of factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new bank 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 think it’s simply been the standard and the norm the people have embraced 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 range I believe this is a procedure that requires taking a look at it requires altering however ultimately people are very stuck to what they’re familiar
with right um change is a tough thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping several bank accounts but there’s a huge quantity of intricacy opts for establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private people so the intricacy is substantial however I believe the honest response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to track and this technique does posture numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just did you switched our Business 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 staff members you should have a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global.Io
I discover time and time again the employees often misclassified unknowingly they don’t understand the conditions of employment or agreement and are told by the client why it’s most advantageous mainly to the client why you must be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare 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 too late years have passed they have not contributed 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 say the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance versus misclassification however normally premiums are just covering the cost of legal fees whilst the average claim assessed against employers corresponds to to 40 or half of the base pay of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest for the most part I haven’t seen it at least 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 pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK