Handling payroll internationally is a challenging task … Papaya Global Service…
How much revenue does the company make? Papaya Global Service
Over the last 5 or 6 years …Papaya Global Service… functions on the supplier side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us 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 simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep different
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession 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.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Workforce is currently 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 traditional payroll design there’s typically a frustrating variety of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really really standard there’s no real consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad 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 shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included ideal 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 need 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 ideal ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody 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 an industry 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 people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the settlement landscape is ending up being increasingly elaborate. Businesses are continuously presenting brand-new benefits and payment choices, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technically innovative era, there’s no justification for preserving troublesome procedures. Payroll, the company’s most significant expenditure, need to be processed properly and on time. Even slight hold-ups can adversely impact workers’ wellness and have far-reaching effects. Therefore, it’s important to prioritize precise and timely payments.
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 terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all find out about it when it fails 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll option for your staff members worldwide once again I think is another big um process once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and savings 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyway we understand how how essential 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 easy as possible for everybody that’s associated with those processes and likewise so envision sorry I’m just I was simply 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’m sure we’re discussing numerous thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and type of try to get back to everybody so moving on look why do companies pick to primary different bank accounts there are Papaya Global Service businesses out there doing precisely this for particular nations and I have actually worked in a company or numerous companies doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I believe individuals have got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing but ultimately individuals are really stuck to what they recognize
with right um modification is a hard thing we all do not like change um so I think it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping multiple checking account however there’s a huge amount of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge however I think the truthful answer is modification um individuals haven’t been able to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this technique does present numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Service
I find time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous generally to the client why you should be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted 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 haven’t contributed to pensions Etc so it’s a huge impact that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification however generally premiums are just covering the expense of legal fees whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of employee exists any point in securing 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 many cases I have not seen it a minimum of so uh the the other area 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK