Handling payroll internationally is a daunting job … Users Logged In To Papaya Global…
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Over the last 5 or 6 years …Users Logged In To Papaya Global… roles on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone 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 remains 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 extremely really bleak and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them becomes more and more intricate International companies are looking to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain different savings account sometimes in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the international Workforce 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 presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely extremely fundamental there’s no real consistency structure we’re residing 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 whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in international payroll the less of a picture they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect 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 around the globe payroll and payments don’t run smoothly if they rely on the required numerous processes 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 paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if however some babies 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 recognition that payroll payments are absolutely basic and technology is permitting us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by services across the world so once again you’re just looking to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real difficult sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would absolutely 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 job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not 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 we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact perspective on staff members it is definitely 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 biggest harmful result on people’s wellness and many other aspects if individuals aren’t paid uh I have actually always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anyone on this type of webinar has actually been informed 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 but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 stuff is done correctly so leveraging the first International Payments first payroll payment option is a terrific initial step um supplying an end-to-end payroll solution for your employees worldwide once again I believe is another huge um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and bank accounts they need for their Worldwide payroll too could not 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 do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know 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 simple as possible for everyone that’s associated with those procedures and likewise so picture sorry I’m just I was just gon na say picture the quantity 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 picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so carrying on look why do business choose to main separate savings account there are Users Logged In To Papaya Global businesses out there doing exactly this for specific countries and I have actually operated in a company or numerous organizations doing precisely that I can state it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anyone that’s handling that procedure 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 think lots of factors one is it’s the standard I think people have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs altering however eventually people are really stuck to what they recognize
with best um modification is a difficult thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving multiple savings account but there’s a substantial quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big however I believe the honest answer is modification um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to track and this method does present a number of difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Business 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 International employees you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Users Logged In To Papaya Global
I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of work or contract and are told by the customer why it’s most advantageous generally to the customer why you must be used 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 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 gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never knew 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 ten years um Kathy companies are taking out insurance versus misclassification but usually premiums are just covering the cost of legal charges whilst the average claim assessed versus employers relates 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 check out the fine print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK