Managing payroll internationally is a daunting job … Papaya Global Reverse Payroll…
How much revenue does the company make? Papaya Global Reverse Payroll
Over the last five or six years …Papaya Global Reverse Payroll… roles on the service provider side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days 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 kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 extremely extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and handling them becomes a growing number of intricate Global organizations are looking to find Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain different bank account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different savings account sometimes in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome task into a strategic asset.
due to various policies, compliance requirements, information security issues, and banking rules. The large variety of workers and businesses adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and a lack of integration, resulting in disparities and inefficiencies. Regardless of residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and options to simplify and optimize global payroll payments.
about it to provide 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 gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the needed multiple processes 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 service face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and state what is it what does not require to be included ideal 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 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 complexity any place you look best ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 technology is allowing us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing groups work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the payment landscape is ending up being increasingly elaborate. Companies are constantly introducing brand-new advantages and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically sophisticated era, there’s no reason for keeping troublesome procedures. Payroll, the company’s most significant expenditure, should be processed properly and on time. Even small hold-ups can adversely impact workers’ wellness and have significant consequences. Therefore, it’s crucial to prioritize precise and prompt payments.
payroll team get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all find out 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 exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment service is a great primary step um providing an end-to-end payroll option for your workers internationally once again I think is another big um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of organizations 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 terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how crucial a function 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 everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so moving on appearance why do companies choose to primary separate bank accounts there are Papaya Global Reverse Payroll businesses out there doing precisely this for specific countries and I’ve operated in a company or lots of businesses doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and any person that’s dealing with 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 believe numerous factors one is it’s the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but eventually people are very stuck with what they’re familiar
with right um modification is a challenging thing we all don’t like modification um so I believe it’s simply kind of moving away 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 keeping numerous bank accounts but there’s a big quantity of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is big however I believe the honest answer is change um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this approach does position several obstacles um so Johnny could you tell us about those difficulties yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Reverse Payroll
I discover time and time again the employees typically misclassified unwittingly they don’t comprehend the conditions of work or agreement and are told by the customer why it’s optimum generally to the customer why you must be employed or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually passed they have not contributed to pensions And so on so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance coverage versus misclassification however usually premiums are just covering the expense of legal fees whilst the typical claim examined against companies equates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK