Managing payroll worldwide is an overwhelming task … Papaya Global Payroll Better Business Bureau…
How much revenue does the company make? Papaya Global Payroll Better Business Bureau
Over the last five or 6 years …Papaya Global Payroll Better Business Bureau… functions on the provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately 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 simply to hear where everybody is um it’s nice to to kind 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 drizzling here it’s extremely really uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide 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 ends up being complex for a range of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they add further complexity the international Workforce is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or very very standard there’s no real 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 frequently with pen and paper which just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international organizations have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they depend on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be thought about there’s varying 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 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 customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble extremely payments no if however some infants 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 recognition that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m always surprised when individuals state I have actually divided 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 split 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 data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s more and more advantages being organ or being offered by companies across the world so again you’re just seeking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a company 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 details into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact point of view on staff members 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 need to be done right it has the most significant destructive impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually always been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your workers internationally once again I believe is another substantial um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of companies and lowering the number of tools platforms and checking account they require for their Global 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 everybody that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply 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 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 require days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everybody so proceeding look why do business pick to primary separate bank accounts there are Papaya Global Payroll Better Business Bureau companies out there doing exactly this for particular countries and I’ve worked in a business or many services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anyone that’s managing 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 numerous factors 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 require 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 standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a process that needs looking at it needs changing however eventually people are extremely stuck with what they’re familiar
with ideal um change is a tough thing all of us don’t like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving multiple bank accounts however there’s a big quantity of intricacy opts for setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is substantial but I think the honest answer is modification um people haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep an eye on and this method does present numerous difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you changed our Enterprise 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 Global staff members you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Better Business Bureau
I discover time and time again the workers typically misclassified unconsciously they don’t understand the conditions of work or contract and are told by the customer why it’s optimum generally to the client why you need to be used or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 passed they have not contributed to pensions Etc so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification however generally premiums are just covering the cost of legal fees whilst the average claim evaluated versus companies corresponds to to 40 or half of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest for the most part 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 pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK