Handling payroll worldwide is a complicated task … Unrun Payroll Papaya Global…
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Over the last five or six years …Unrun Payroll Papaya Global… roles on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two 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 just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually 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 raining here it’s really very gloomy and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes more and more complicated Worldwide companies are wanting to find Solutions and brand-new methods to streamline procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep separate savings account sometimes in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most notably regulations compliance data security and banking rules then there are the large numbers they add more intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s typically an overwhelming number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very really standard there’s no real consistency framework we’re residing in an age of tech but payroll has been sluggish 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 each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be included right and what does
it require to be thought of 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if however some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m constantly amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so once again you’re just wanting to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or genuine difficult type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect point of view on employees it is definitely critical 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 result on people’s wellness and many other factors if people aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only discover when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. Therefore, it is vital to ensure that jobs like Wi-Fi International and other vital matters are done correctly. Using the first International Payments first payroll payment solution is a terrific initial step towards supplying a thorough payroll service for workers worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts required for international payroll are essential consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyhow we know how how essential a role 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 easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job 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 was the case um you ‘d require days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do companies choose to primary separate checking account there are Unrun Payroll Papaya Global businesses out there doing exactly this for specific countries and I’ve operated in a company or lots of companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anybody 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 believe many factors one is it’s the standard I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing but ultimately individuals are very stuck with what they’re familiar
with best um modification is a challenging 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 understand certainly the advantages of having keeping multiple savings account however there’s a big quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is huge however I think the honest response is change um people haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does present numerous challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a variety right there is so
I 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 actually gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Unrun Payroll Papaya Global
I find time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous generally to the client why you need to be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions And so on so it’s a big effect that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance against misclassification but usually premiums are just covering the expense of legal charges whilst the average claim assessed versus companies equates to to 40 or half of the base pay of employee exists any point in getting insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other location 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