Handling payroll worldwide is a daunting task … Papaya Global Cpm…
How much revenue does the company make? Papaya Global Cpm
Over the last five or 6 years …Papaya Global Cpm… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 all right 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 Global payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them ends up being more and more complex Worldwide companies are seeking to discover Solutions and new ways to improve processes particularly from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate savings account often in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide 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 people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there’s often a frustrating variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really really standard there’s no real consistency structure we’re living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite 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 failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the necessary 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 difficulties business face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not need to be consisted of right and what does
it require to be thought of 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to type of progress with that it also also to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m always amazed when people state 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 divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by companies across the world so once again you’re just wanting to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info 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 does not always require to be the case you know long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an era 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 appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact viewpoint on employees it is absolutely important 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 most significant damaging impact on people’s wellness and lots of other factors if people aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is essential to ensure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first International Payments very first payroll payment solution is a terrific preliminary step towards supplying an extensive payroll solution for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and checking account required for international payroll are essential factors in achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know how how important 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 everyone that’s associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say picture 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 discussing numerous thousands possibly Millions think of 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 absolutely be an interesting job trying to clean up all those up for sure oh definitely 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 attempt to look through them and in fact see what was going on and type of shot to get back to everybody so moving on look why do business choose to primary different bank accounts there are Papaya Global Cpm organizations out there doing precisely this for specific countries and I’ve worked in a company or numerous organizations 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 any person where we don’t have to and anybody 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 quantity that we are I think many factors one is it’s the standard I think people have actually got so used to we need a new checking 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 think it’s just been the standard 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 kind of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering but ultimately individuals are extremely stuck to what they’re familiar
with best um modification is a tough thing all of us do not like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having maintaining numerous bank accounts however there’s a huge quantity of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is big but I think the sincere answer is change um individuals have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I just did you switched 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 International employees you deserve a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Cpm
I discover time and time again the workers often misclassified unconsciously they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous primarily to the client why you need to be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification but typically premiums are just covering the cost of legal charges whilst the average claim evaluated against companies equates to to 40 or 50 percent of the base salary of employee exists 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 have not seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK