Managing payroll globally is a difficult job … Papaya Global Atlanta…
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Over the last five or six years …Papaya Global Atlanta… roles on the provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly 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 very very gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being a growing number of complicated Worldwide companies are seeking to find Solutions and new methods to enhance processes particularly from a payroll and cross-border payment perspective lots of organizations maintain different checking account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve different savings account in some cases in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the worldwide Labor force is presently 3 and a half billion individuals 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 companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very very basic there’s no real consistency structure we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply 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 companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included best and what does
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 nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like extremely payments no if but 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 believe there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move forward with that it also too 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 definitely important that payroll and financing groups work more detailed together than ever um I’m always impressed when people state I’ve divided 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 an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re simply seeking to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine challenging sort of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely 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 task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know 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 require to develop 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 require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from an expense point of view from an impact perspective on staff members it is definitely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental result on individuals’s well-being and many other factors if people aren’t paid uh I’ve always been surprised entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a great primary step um offering an end-to-end payroll option for your workers globally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and savings account they need 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 ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how important 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 envision sorry I’m just I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of try to get back to everyone so moving on look why do business choose to main different savings account there are Papaya Global Atlanta businesses out there doing exactly this for specific nations and I have actually worked in a business or many companies doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I believe people have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering but ultimately people are extremely stuck to what they’re familiar
with right um modification is a challenging thing we all do not like change um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining multiple savings account but there’s a huge amount of complexity chooses establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is big however I believe the honest answer is change um people have not had the ability to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to track and this technique does posture a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Atlanta
I discover time and time again the workers typically misclassified unwittingly they don’t understand the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the client why you need to be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages 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 passed they have not added to pensions And so on so it’s a big effect that they never knew they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are taking out insurance versus misclassification but typically premiums are only covering the cost of legal fees whilst the typical claim evaluated 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 check out the fine print it is not covering the taxes charge and interest in many cases I haven’t seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK