Handling payroll globally is an overwhelming job … How To Enter Owner Salary In Papaya Global Payroll Service…
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Over the last 5 or 6 years …How To Enter Owner Salary In Papaya Global Payroll Service… roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort 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 type of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was elsewhere 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 managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll also 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them ends up being a growing number of complicated Global companies are looking to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep separate savings account just for payroll while some have several accounts in various countries does it make good sense for business to keep separate bank accounts sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies simplify the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they add additional complexity the global Workforce is currently 3 and a half billion individuals by 2030 it’s estimated 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 businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or very very fundamental there’s no real consistency structure we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as 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 needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t need to be included ideal and what does
it need to be considered there’s differing 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 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 intricacy wherever you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely essential and technology is permitting us to type of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re simply wanting to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an effect point of view on workers it is definitely vital that it’s done correctly and on time so what we mean 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 destructive result on people’s wellness and many other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll solution for your employees internationally once again I believe is another substantial um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of services and lowering the number of tools platforms and bank accounts they require for their Worldwide 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 do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how essential 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 involved in those procedures and likewise so think of sorry I’m simply I was simply 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 make certain we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean 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 need days of the week to try to look through them and in fact see what was going on and type of try to return to everyone so moving on look why do business select to primary different savings account there are How To Enter Owner Salary In Papaya Global Payroll Service organizations out there doing precisely this for particular nations and I have actually worked in a business or lots of companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anybody that’s managing 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 believe lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a new bank 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 standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs altering however eventually individuals are really stuck to what they’re familiar
with ideal um change is a challenging thing we all don’t like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having keeping several savings account however there’s a big amount of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is substantial however I think the truthful response is change um people haven’t been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century approximately there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a change to our Enterprise 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 gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. How To Enter Owner Salary In Papaya Global Payroll Service
I discover time and time again the employees often misclassified unconsciously they don’t understand the conditions of work or contract and are informed by the customer why it’s optimum generally to the customer why you must be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and a number of 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 added to pensions And so on so it’s a big impact that they never ever knew they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance versus misclassification but usually premiums are only covering the expense of legal charges whilst the average claim examined versus employers equates to to 40 or half of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other location 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK