Handling payroll globally is a difficult job … Papaya Global Backup…
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Over the last five or six years …Papaya Global Backup… roles on the service provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I actually 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 drizzling here it’s very really bleak and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the global 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 people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s often a frustrating variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really very standard there’s no real consistency structure we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just 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 just 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of global businesses 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 mistakes are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and innovation is enabling us to sort of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the compensation landscape is becoming increasingly complex. Companies are constantly introducing brand-new advantages and payment alternatives, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technologically innovative era, there’s no reason for preserving troublesome treatments. Payroll, the business’s biggest cost, must be processed properly and on time. Even small delays can negatively impact workers’ wellness and have far-reaching effects. For that reason, it’s important to prioritize precise and prompt payments.
payroll group get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 important that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is an excellent initial step um offering an end-to-end payroll solution for your staff members globally again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and bank accounts they require for their International 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant 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 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of 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 but it would definitely be an interesting task trying to clean up 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 check out them and actually see what was going on and type of try to return to everybody so carrying on appearance why do business select to main separate savings account there are Papaya Global Backup organizations out there doing exactly this for particular countries and I’ve operated in a service or many services doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately people are really stuck to what they recognize
with best um modification is a challenging thing all of us don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping several bank accounts however there’s a substantial quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the complexity is big but I believe the honest answer is modification um people haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from 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 a component of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you inform us about those challenges yeah of course 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 manage 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 effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Backup
I find time and time again the employees frequently misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the client why you should be employed or participated in this style 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 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 have not contributed to pensions Etc so it’s a huge effect that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance against misclassification but generally premiums are only covering the expense of legal costs whilst the typical claim assessed against employers equates to to 40 or half of the base salary of worker exists any point in getting 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 most of the times 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 denied coverage on the basis of the fact that you were not in compliance with laws um in the UK