Managing payroll worldwide is a difficult job … Papaya Global Eps…
How much revenue does the company make? Papaya Global Eps
Over the last five or 6 years …Papaya Global Eps… functions on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody 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 kind of let them do that so it ‘d be quite fascinating 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 is 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 very very gloomy and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep separate
Virtual payroll accounts are an option to traditional checking account for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s frequently a frustrating number of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very really standard there’s no genuine consistency structure we’re residing in an era 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 typically with pen and paper and that simply blows my mind every 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 businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide businesses have revealed 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 poor HCM data information entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a great concern I always toss this back and state what is it what does not require to be consisted of right and what does
it need to be thought of there’s varying Bank information 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 consumer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is enabling us to sort of progress with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re simply seeking to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t 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 challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any company has from a cost viewpoint from an impact point of view on employees it is absolutely vital 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 have to be done right it has the biggest detrimental impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things fail. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. Therefore, it is essential to guarantee that jobs like Wi-Fi International and other important matters are done properly. Using the very first Global Payments very first payroll payment solution is a great preliminary action towards supplying an extensive payroll service for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and bank accounts needed for international payroll are key factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply 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 sure we’re discussing numerous thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh absolutely I can’t imagine 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 really see what was going on and kind of shot to return to everyone so carrying on look why do companies select to primary separate checking account there are Papaya Global Eps organizations out there doing precisely this for specific countries and I have actually operated in an organization or numerous organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s handling 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 think many factors one is it’s the requirement I think people have actually got so utilized to we need a brand-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 simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing however eventually people are really stuck with what they’re familiar
with ideal um modification is a tough thing we all don’t like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping several checking account but there’s a huge amount of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big however I believe the truthful response is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century approximately there is a lot to monitor and this approach does present a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so
I just recently made a modification 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 gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Eps
I find time and time again the workers typically misclassified unconsciously they don’t comprehend the conditions of work or agreement and are told by the client why it’s most advantageous primarily to the client why you must be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare 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 too late years have gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance coverage against misclassification however usually premiums are only covering the cost of legal charges whilst the average claim evaluated against companies equates to to 40 or half of the base salary of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest in many cases I haven’t 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 protection on the basis of the reality that you were not in compliance with laws um in the UK