Managing payroll internationally is a difficult task … Papaya Global Payslip Portal…
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Over the last five or 6 years …Papaya Global Payslip Portal… functions on the provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very very 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 typical and managing them becomes more and more complex Worldwide organizations are looking to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective many companies keep different checking account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve different checking account sometimes in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most importantly guidelines compliance data security and banking rules then there are the large numbers they add additional 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 additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or very very fundamental there’s no real consistency framework we’re living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international services have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be consisted of right 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 nation there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy any place you look right ultimately developing a knowledge base is absolutely important however everywhere 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 take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by services across the world so again you’re just aiming to include more and more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or real difficult kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly state that the larger a company 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 details into the next function as it were that’s really handling the payment side of things but 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 require to develop additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost point of view from an effect perspective on employees it is definitely vital that it’s done correctly and on time so what we indicate 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 damaging effect on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this type of webinar has been told 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 employees or not um but eventually payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment service is a terrific primary step um supplying an end-to-end payroll service for your workers worldwide again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and checking account they require for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 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 do not believe any of us are actually doing that for for the thanks
anyhow we understand how how important a function 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 everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of try to return to everybody so moving on appearance why do business pick to main different savings account there are Papaya Global Payslip Portal businesses out there doing precisely this for specific nations and I have actually operated in a service or many organizations doing precisely that I can state it does not 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 do not have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people 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 ways um to to type of do it so I think there’s a range I think this is a process that needs looking at it needs altering but eventually people are extremely stuck to what they recognize
with best um modification is a tough thing we all do not like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining several bank accounts however there’s a substantial amount of complexity goes with setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is substantial but I believe the sincere response is change um people haven’t had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this approach does posture a number of obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you should have a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payslip Portal
I find time and time again the workers frequently 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 used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions And so on so it’s a huge effect that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance coverage versus misclassification however usually premiums are just covering the cost of legal fees whilst the average claim assessed versus companies equates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the small 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 stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK