Handling payroll worldwide is a complicated job … Kelebihan Papaya Global…
How much revenue does the company make? Kelebihan Papaya Global
Over the last five or six years …Kelebihan Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type 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 everybody originates from and I really 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 really extremely dreary and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most notably regulations compliance data security and banking guidelines then there are the large numbers they add more complexity the worldwide Workforce is currently three 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 presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming variety of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really really standard there’s no genuine consistency structure we’re residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be included best 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 timespan 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 wherever you look right eventually developing a knowledge base is definitely important but all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and innovation is enabling us to kind of move on with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation 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 typically 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by companies across the world so again you’re simply wanting to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real tough type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really managing 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 know long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single biggest liability that any business has from a cost perspective from an effect point of view on employees it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging result on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been surprised entering this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anyone on this type 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 staff members or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but 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 likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll option for your workers globally again I believe is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of organizations and decreasing the number of tools platforms and savings account they need for their Worldwide 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’ve never ever had a hundred countless 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 grievances where things have not gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how important 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 everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so proceeding look why do companies choose to main different checking account there are Kelebihan Papaya Global organizations out there doing exactly this for particular nations and I’ve worked in a service or numerous businesses doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for anybody 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 standard I believe people have actually got so utilized to we need a new bank account we open an entity and rightly so you need 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 requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing however eventually people are really stuck to what they’re familiar
with best um modification is a challenging thing we all do not like modification um so I think it’s just kind 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 clearly the benefits of having maintaining several savings account however there’s a big amount of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is huge however I believe the honest response is change um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking 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 have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to track and this technique does pose a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I just 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 actually gotten another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Kelebihan Papaya Global
I discover time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of employment or contract and are informed by the client why it’s optimum primarily to the customer why you need to be used 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 several 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 added to pensions And so on so it’s a huge impact that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance coverage against misclassification but normally premiums are just covering the expense of legal fees whilst the average claim assessed versus companies equates to to 40 or half of the base salary of worker is there any point in taking out insurance coverage 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 penalty and interest most of the times I have not 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 stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK