Managing payroll globally is a daunting task … Papaya Global Mali…
How much revenue does the company make? Papaya Global Mali
Over the last five or six years …Papaya Global Mali… functions on the provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating 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 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 drizzling here it’s very really uninspiring and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll likewise go over a recap and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and managing them ends up being increasingly more intricate Worldwide organizations are looking to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment standpoint numerous organizations preserve different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain separate checking account often in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most notably regulations compliance data security and banking rules then there are the large numbers they add more complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or really really basic there’s no real consistency structure we’re living in an age of tech however payroll has been slow 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 whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be consisted of ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide 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 eventually 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 also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so again you’re simply looking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of decades 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 teams doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an impact point of view on employees it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on individuals’s wellness and many other factors if people aren’t paid uh I’ve always been surprised entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll correctly 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 a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply 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 stuff is absolutely essential that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is a great first step um supplying an end-to-end payroll solution for your workers internationally again I think is another huge um process once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and reducing 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’ve 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 grievances where things haven’t gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks
anyway we know how how important 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na say think of 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 speaking about numerous thousands potentially Millions picture getting that numerous 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 absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so proceeding appearance why do companies pick to main different bank accounts there are Papaya Global Mali companies out there doing exactly this for specific countries and I have actually operated in a company or lots of companies doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and any person 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 many reasons one is it’s the standard I believe people have got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually looked 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 procedure that requires looking at it needs altering but eventually individuals are really stuck to what they recognize
with best um modification is a tough thing all of us do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving several bank accounts however there’s a substantial amount of intricacy opts for establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is substantial but I believe the sincere answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Mali
I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the client why you must be used or engaged in this style the employee may 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 too late years have gone by they haven’t contributed to pensions Etc 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 ten years um Kathy companies are taking out insurance coverage versus misclassification but usually premiums are only covering the cost of legal costs whilst the average claim examined versus companies corresponds to to 40 or half of the base salary of employee is there any point in securing insurance coverage 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 penalty and interest for the most part I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage 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