Handling payroll worldwide is a daunting job … Papaya Global Solutions Co…
How much revenue does the company make? Papaya Global Solutions Co
Over the last five or 6 years …Papaya Global Solutions Co… functions on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays 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 everyone is um it’s nice to to sort 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 raining here it’s really extremely dreary and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and handling them ends up being more and more complex International companies are wanting to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment standpoint lots of organizations keep separate checking account just for payroll while some have several accounts in various nations does it make good sense for business to keep different savings account sometimes in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance information security and banking rules then there are the large numbers they add additional complexity the global Labor force 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 individuals 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 all over the world in the conventional payroll model there’s frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely really standard 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 which simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide services have actually revealed that they don’t 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 information entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be included best and what does
it require 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 time frames there’s payment capabilities so can you pay it from International or do you have 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 right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work more detailed together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the payment landscape is becoming increasingly detailed. Companies are continually introducing new benefits and payment alternatives, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to hold true. In today’s technologically sophisticated era, there’s no validation for keeping troublesome procedures. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even small hold-ups can adversely impact workers’ wellness and have significant effects. For that reason, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m not sure anyone on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment option is an excellent first step um supplying an end-to-end payroll service for your workers globally again I believe is another huge um procedure once again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of services and minimizing the number of tools platforms and savings account 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 everybody that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na say envision 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 possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying 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 require days of the week to try to look through them and in fact see what was going on and sort of shot to return to everyone so proceeding look why do companies pick to primary different checking account there are Papaya Global Solutions Co services out there doing precisely this for particular countries and I have actually operated in a service or lots of organizations doing exactly that I can state it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look 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 think this is a procedure that needs looking at it needs altering however ultimately individuals are extremely stuck with what they recognize
with right um change is a hard thing all of us do not like modification um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having preserving multiple checking account however there’s a big amount 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 right user accesses for private individuals so the complexity is substantial however I think the honest answer is modification um individuals have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to monitor and this approach does position several challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Solutions Co
I find time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of employment or contract and are told by the client why it’s most advantageous generally to the client why you ought to be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several 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 impact that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are taking out insurance coverage against misclassification but usually premiums are only covering the expense of legal fees whilst the average claim evaluated versus employers equates to to 40 or 50 percent of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest in most cases I haven’t 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 stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK