Handling payroll globally is a challenging job … My Papaya Global Com…
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Over the last 5 or 6 years …My Papaya Global Com… roles on the company side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among 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 rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes 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 really very bleak and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll also go over a recap and that should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them ends up being more and more complicated International organizations are wanting to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment viewpoint many organizations maintain separate checking account just for payroll while some have several accounts in different countries does it make sense for business to maintain separate checking account sometimes in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments accurately efficiently securely 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 expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 standard payroll model there’s typically an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency framework we’re residing in an era of tech but 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 each time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on global payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of international businesses have revealed 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 due to time reporting bad HCM data data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary several 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 difficulties business face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be consisted of right and what does
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it need to be thought about there’s varying 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 customer’s own in-country account so there’s intricacy any place you look right ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very 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 recognition that payroll payments are definitely fundamental and technology is permitting us to type of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to type of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so again you’re simply looking to add more and more payments to this already complicated 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 genuine challenges or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a company 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 details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an effect perspective on staff members it is absolutely crucial 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 biggest harmful result on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us become aware of 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment solution is a fantastic first step um offering an end-to-end payroll option for your employees worldwide again I believe is another huge um process again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of 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 have not gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 everyone that’s involved in those processes and also so imagine sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing 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 try to browse them and in fact see what was going on and type of try to return to everyone so proceeding look why do companies select to primary separate bank accounts there are My Papaya Global Com businesses out there doing precisely this for specific countries and I have actually worked in an organization or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and anyone that’s dealing with that procedure 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 believe numerous factors one is it’s the requirement I believe individuals have got so used to we require a new savings 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 just been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering but eventually individuals are really stuck to what they recognize
with right um change is a tough thing we all do not like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple bank accounts but there’s a big quantity of intricacy goes with setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is substantial but I believe the honest answer is modification um people haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect 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 proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this method does position several difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. My Papaya Global Com
I discover time and time again the workers often misclassified unconsciously they do not understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous generally to the client why you need to be employed or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee 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 passed they haven’t contributed to pensions And so on so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are securing insurance against misclassification but normally premiums are only covering the expense of legal fees whilst the typical claim assessed versus companies relates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest for the most part I haven’t seen it a minimum of 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