Managing payroll worldwide is an overwhelming job … Papaya Global Payroll Help…
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Over the last five or six years …Papaya Global Payroll Help… functions on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting 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 everybody originates from and I really 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 really really uninspiring and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes a growing number of complex Global organizations are looking to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment standpoint numerous companies maintain separate checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep different checking account sometimes in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex processes of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they add additional complexity the global Workforce is presently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely really fundamental there’s no real consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what does not need to be included right and what does
it need to be thought of there’s differing 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 need to pay from an in-country account do you need to pay from the consumer’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 extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 kind of progress with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to kind 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 just looking to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact perspective on staff members it is absolutely crucial that it’s done properly and on time so what we mean 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 damaging result on individuals’s wellness and lots of other aspects if people aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific primary step um offering an end-to-end payroll option for your staff members globally once again I think is another huge um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial a function 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 everybody that’s associated with those processes and also so imagine sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that many 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 certainly be an intriguing job attempting to clean up 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 attempt to check out them and really see what was going on and type of try to get back to everybody so carrying on look why do companies pick to main different bank accounts there are Papaya Global Payroll Help companies out there doing exactly this for particular countries and I have actually worked in an organization or numerous companies doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t have to and anyone 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 numerous reasons one is it’s the requirement 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 purposes 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 adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering however ultimately people are really stuck with what they recognize
with right um modification is a hard thing all of us don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping numerous savings account however there’s a substantial amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is substantial however I think the truthful answer is change um people have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or so there is a lot to monitor and this technique does posture a number of challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Help
I find time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of work or contract and are informed by the client why it’s optimum generally to the customer why you should be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions Etc so it’s a big effect that they never ever understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance against misclassification but generally premiums are just covering the cost of legal costs whilst the typical claim evaluated versus companies corresponds to to 40 or half of the base pay of worker is there any point in getting insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it a minimum of 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 stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK