Handling payroll internationally is a challenging job … Buruj Papaya Global…
How much revenue does the company make? Buruj Papaya Global
Over the last five or 6 years …Buruj Papaya Global… roles on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really bleak and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include more complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no real consistency structure we’re living in a period 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 often with pen and paper and that just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be consisted of best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if but some infants 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more crucial to add to type of the level of complexity there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re just wanting to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine difficult kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect viewpoint on workers it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive result on individuals’s well-being and numerous other factors if people aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has 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 however ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise 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 things is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll solution for your employees globally once again I believe is another big um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and lowering the number of tools platforms and savings account they need for their Global 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 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 grievances where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how essential 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 involved in those processes and also so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of shot to return to everyone so moving on appearance why do business select to primary separate savings account there are Buruj Papaya Global businesses out there doing exactly this for specific countries and I have actually worked in a business or lots of businesses doing exactly that I can state it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t need to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I think individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it needs changing but ultimately people are really stuck with what they’re familiar
with ideal um modification is a difficult thing we all do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping multiple savings account however there’s a big quantity of intricacy opts for establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is substantial but I believe the sincere response is change um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this method does pose several challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Buruj Papaya Global
I discover time and time again the workers frequently misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous generally to the client why you need to be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not contributed to pensions And so on so it’s a huge effect that they never understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance coverage versus misclassification however generally premiums are just covering the cost of legal fees whilst the average claim examined versus companies equates to to 40 or 50 percent of the base pay of worker exists any point in taking out 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 in many cases I have not seen it at least so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK