Handling payroll globally is a daunting task … Papaya Global Customer Services…
How much revenue does the company make? Papaya Global Customer Services
Over the last 5 or six years …Papaya Global Customer Services… functions on the service provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a recap and that must leave his time at the extremely really 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 International workforces end up being a growing number of common and managing them ends up being increasingly more complex International organizations are looking to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint lots of organizations preserve different checking account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve different bank accounts often in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they add additional complexity the international Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s typically a frustrating variety of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or very extremely fundamental there’s no real consistency framework we’re living in a period of tech however 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 and that simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have 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 data data entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the data is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s varying 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 capabilities 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to type of move on with that it likewise too to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by organizations throughout the world so again you’re just seeking to add more and more payments to this already intricate landscape so if you sort 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 difficulties or genuine difficult sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a company 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 teams feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why 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 business has from an expense point of view from an impact viewpoint on workers it is definitely important 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 have to be done right it has the greatest detrimental result on people’s wellness and many other aspects if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it’s viewed as simply a routine task. This is how it’s perceived externally as well. Therefore, it is important to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Using the first Worldwide Payments first payroll payment service is an excellent initial action towards providing a detailed payroll service for staff members worldwide. Standardization, global processes, and lowering the number of tools, platforms, and savings account needed for international payroll are key factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we know how how crucial 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true 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 shot to return to everyone so proceeding look why do business select to primary separate bank accounts there are Papaya Global Customer Services businesses out there doing precisely this for particular countries and I’ve operated in an organization or many organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and any person 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 amount that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a procedure that needs looking at it needs changing however ultimately individuals are really stuck to what they recognize
with ideal um modification is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining multiple savings account however there’s a big amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is huge but I think the sincere response is change um individuals haven’t been able to change or haven’t had always the knowledge 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 understand and there is an element of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does present several obstacles um so Johnny could 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 Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Customer Services
I find time and time again the workers often misclassified unknowingly they don’t understand the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the client why you must be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and several 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 added to pensions Etc 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 companies are securing insurance coverage versus misclassification but normally premiums are only covering the cost of legal costs whilst the typical claim assessed against companies corresponds to to 40 or 50 percent of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in many cases I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK