Handling payroll internationally is a complicated task … How To Add A Company To My Papaya Global Payroll Subscription…
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Over the last 5 or six years …How To Add A Company To My Papaya Global Payroll Subscription… functions on the company side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really 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 drizzling here it’s really very bleak and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs 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 tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very very basic there’s no genuine consistency framework we’re residing in an era 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 and that simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be included ideal and what does
it require 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 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 consumer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is absolutely critical however everywhere 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 often 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being used by organizations across the world so again you’re simply wanting to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or real tough sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an impact perspective on workers it is definitely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been told 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 staff members or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe 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 absolutely crucial that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is a great primary step um offering an end-to-end payroll solution for your employees 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 definitely key to success success of organizations and decreasing the number of tools platforms and checking account they require for their Worldwide 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we understand 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 imagine sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of try to return to everybody so carrying on appearance why do business pick to primary separate savings account there are How To Add A Company To My Papaya Global Payroll Subscription organizations out there doing precisely this for particular nations and I have actually worked in an organization or many organizations doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for any person where we do not need to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think individuals have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have 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 methods um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually people are extremely stuck to what they’re familiar
with ideal um change is a hard thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping multiple savings account but there’s a big amount of complexity opts for setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is big but I think the sincere response is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to monitor and this approach does pose several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply 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 employees you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Add A Company To My Papaya Global Payroll Subscription
I find time and time again the workers frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the client why it’s most advantageous generally to the customer why you should be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t added to pensions And so on so it’s a big impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are securing insurance versus misclassification but usually premiums are just covering the cost of legal costs whilst the typical claim examined against employers relates to to 40 or 50 percent 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 read the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it at least 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 rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK