Handling payroll worldwide is an overwhelming job … Papaya Global Manager…
How much revenue does the company make? Papaya Global Manager
Over the last five or 6 years …Papaya Global Manager… roles on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everybody another couple 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 currently just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 very really dreary and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they add more intricacy the worldwide Labor force is presently 3 and a half billion individuals 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s typically a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely extremely fundamental there’s no genuine consistency framework we’re residing in an era of tech but 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 which just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t need to be included right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of move on with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I’ve divided 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 split the payroll payment from computation 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to sort of the level of complexity there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re simply seeking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely 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 job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate 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 an age of tech and an age 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 rightly as you said payroll is the single greatest liability that any organization has from a cost perspective from an effect point of view on employees it is absolutely 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 greatest harmful impact on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been amazed entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has been informed 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 workers or not um however ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment solution is a great first step um providing an end-to-end payroll option for your employees globally once again I think is another big um procedure once again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and bank accounts they require for their International 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 had a hundred countless them within a payroll cycle don’t anticipate 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 implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 everybody that’s involved in those processes and also so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job 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 need days of the week to attempt to browse them and really see what was going on and type of try to return to everyone so moving on appearance why do companies select to main separate checking account there are Papaya Global Manager companies out there doing exactly this for particular nations and I have actually operated in a company or numerous businesses doing exactly that I can say it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anyone that’s managing that process 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 lots of factors one is it’s the requirement I think individuals have got so used to we need a brand-new bank 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 standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it needs altering however ultimately people are extremely stuck with what they’re familiar
with ideal um change is a challenging thing we all do not like change um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining several checking account however there’s a huge amount of complexity opts for establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is substantial but I believe the sincere answer is modification um people have not been able to alter or have not had always 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 believe it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to track and this approach does position a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range 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 Global workers you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Manager
I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the client why it’s most advantageous generally to the client why you must be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually passed they have not added to pensions And so on so it’s a huge impact that they never ever knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are getting insurance coverage against misclassification however usually premiums are just covering the cost of legal costs whilst the typical claim evaluated against employers corresponds to to 40 or half of the base salary of employee is there any point in getting 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 penalty and interest in most cases I have not seen it a minimum of so uh the the other location 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK