Managing payroll worldwide is a challenging job … Papaya Global Solutions Address…
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Over the last 5 or 6 years …Papaya Global Solutions Address… functions on the service provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this conversation 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 among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly 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 really very dreary and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and managing them becomes more and more intricate Worldwide companies are wanting to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective lots of organizations preserve separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep different checking account in some cases in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s frequently an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely very basic there’s no real consistency structure we’re living in an era of tech however 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 which simply blows my mind every 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 say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global organizations have revealed that they don’t 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 bad HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles 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 need to be included best and what does
it need to be thought about there’s varying 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to kind of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody 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 an industry 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 data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of crucial to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by companies across the world so again you’re simply wanting to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups 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 doesn’t always require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single biggest liability that any service has from a cost perspective from an impact viewpoint on employees it is absolutely important 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 biggest damaging effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been surprised entering into this Market type of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a great initial step towards providing an extensive payroll service for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account required for global payroll are essential factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand how how crucial 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to get back to everyone so moving on appearance why do companies choose to main separate savings account there are Papaya Global Solutions Address services out there doing precisely this for specific countries and I have actually operated in an organization or numerous services doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s dealing with 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 reasons one is it’s the standard I believe individuals have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it requires altering however eventually people are very stuck to what they recognize
with best um change is a hard thing we all don’t like change um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping multiple checking account however there’s a substantial amount of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial however I believe the truthful response is change um individuals have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep track of and this approach does position a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Solutions Address
I discover time and time again the employees often misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum mainly to the customer why you should be utilized or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on so it’s a huge impact 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 10 years um Kathy business are getting insurance coverage against misclassification however generally premiums are just covering the cost of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or half of the base salary of worker exists any point in taking out 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 penalty and interest for the most part I have not seen it at least 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK