Managing payroll internationally is a daunting task … Call Papaya Global Support…
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Over the last five or six years …Call Papaya Global Support… functions on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type 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 sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I want I was elsewhere 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 difficulty years of managing Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also go over a recap and that ought to leave his time at the extremely really 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 Global labor forces become increasingly more common and managing them becomes more and more complex Global companies are seeking to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint numerous companies keep different savings account just for payroll while some have several accounts in various nations does it make sense for business to preserve different bank accounts often in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely standard there’s no genuine consistency framework we’re living in an age of tech but payroll has 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 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 organizations state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international services have actually expressed that they do not 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 mistakes poorly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be consisted of 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 nation there’s payment amount of time 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 consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I’m constantly astonished 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 operate in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of intricacy there’s more and more advantages being organ or being used by organizations throughout the world so again you’re simply wanting to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly say 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 job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an impact perspective on employees it is absolutely important that it’s done properly and on time so what we mean 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 detrimental impact on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been astonished coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers 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 fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll service for your staff members globally again I believe is another substantial um process once again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and bank accounts 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential a role 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 also so think of sorry I’m simply I was just gon na say imagine 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 speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely 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 attempt to look through them and really see what was going on and type of shot to get back to everyone so moving on appearance why do companies choose to main separate bank accounts there are Call Papaya Global Support organizations out there doing exactly this for specific nations and I’ve worked in a service or many businesses doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people 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 many other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it needs altering however ultimately people are really stuck to what they’re familiar
with ideal um change is a hard thing we all do not like change um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple bank accounts but there’s a substantial quantity of complexity goes with establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is substantial but I think the honest response is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. Call Papaya Global Support
I find time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of work or contract and are informed by the customer why it’s optimum mainly to the customer why you ought to be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted 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 haven’t contributed to pensions And so on so it’s a huge impact that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance coverage versus misclassification however usually premiums are only covering the cost of legal costs whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base pay of worker exists any point in securing 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 most cases I haven’t seen it a minimum of so uh the the other location that I do think 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK