Managing payroll worldwide is a difficult task … Papaya Global Management Book…
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Over the last five or 6 years …Papaya Global Management Book… roles on the provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 dreary and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them ends up being more and more complex Worldwide organizations are looking to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective lots of companies keep different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep separate checking account often in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very really fundamental there’s no genuine consistency framework we’re residing in a period 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 and that simply 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 only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what does not require to be consisted of best 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 country there’s payment timespan there’s payment abilities 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to sort of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the settlement landscape is becoming increasingly intricate. Companies are continually presenting 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 inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically sophisticated period, there’s no justification for keeping troublesome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even minor hold-ups can adversely affect employees’ wellness and have significant repercussions. For that reason, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all become aware of 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 exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a fantastic primary step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another huge um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of services and minimizing the number of tools platforms and checking account they need for their International 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 don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we know 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 everyone that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to return to everyone so moving on appearance why do business choose to main different bank accounts there are Papaya Global Management Book businesses out there doing exactly this for specific countries and I have actually worked 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 understand we’re not deliberately doing that we’re not developing additional work for anybody where we do not have to and anybody that’s handling 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 many factors one is it’s the standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but ultimately people are really stuck to what they’re familiar
with best um change is a difficult 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 stuff um I understand obviously the advantages of having preserving multiple savings account however there’s a huge amount of complexity opts for establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is big but I believe the sincere answer is modification um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve constantly 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 understand what could almost be identified to be the next Century or two there is a lot to keep track of and this approach does position a number of challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range 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 actually acquired another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Management Book
I discover time and time again the workers frequently misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the customer why you should be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare 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 actually gone by they have not contributed to pensions Etc so it’s a huge impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification however usually premiums are just covering the expense of legal costs whilst the average claim examined against employers relates to to 40 or 50 percent of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest for the most part I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK