Handling payroll worldwide is an overwhelming job … Papaya Global Distance Learning…
How much revenue does the company make? Papaya Global Distance Learning
Over the last 5 or six years …Papaya Global Distance Learning… functions on the provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give 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 type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise review a recap which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them ends up being increasingly more intricate International organizations are seeking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate checking account in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most notably policies compliance data security and banking rules then there are the large numbers they add further complexity the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely fundamental there’s no genuine consistency framework we’re residing in an era 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 and that simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the essential multiple processes 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 obstacles company face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of ideal and what does
it need to be thought about there’s differing Bank information 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look best eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some children 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 acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide 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 procedure it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the payment landscape is ending up being increasingly intricate. Businesses are constantly presenting new advantages and payment options, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not have to be the case. In today’s technically sophisticated era, there’s no validation for preserving cumbersome treatments. Payroll, the business’s most significant cost, should be processed correctly and on time. Even slight delays can negatively affect staff members’ well-being and have far-reaching effects. Therefore, it’s crucial to prioritize precise and timely payments.
payroll group get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all become aware of it when it goes wrong 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific first step um supplying an end-to-end payroll option for your employees internationally once again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and bank accounts 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 ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everybody that’s involved in those processes and also so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean 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 return to everybody so carrying on look why do business select to primary different checking account there are Papaya Global Distance Learning organizations out there doing precisely this for specific nations and I’ve worked in an organization or many services doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and anyone that’s dealing with 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 believe lots of reasons one is it’s the standard I believe individuals have got so utilized to we require a brand-new bank account we open an entity and rightly so you need 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 the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires altering however eventually people are very stuck to what they’re familiar
with ideal um change is a hard thing all of us do not like change um so I think it’s just sort 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 advantages of having preserving several bank accounts however there’s a big quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the complexity is substantial but I think the truthful response is modification um people haven’t been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or so there is a lot to track and this approach does pose numerous obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Distance Learning
I find time and time again the employees often misclassified unknowingly they don’t understand the conditions of work or contract and are informed by the customer why it’s most advantageous generally to the customer why you ought to be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted 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 actually gone by they have not added to pensions And so on so it’s a big effect 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 business are securing insurance coverage against misclassification however generally premiums are just covering the expense of legal fees whilst the average claim examined versus companies relates to to 40 or half of the base salary of employee is there any point in getting insurance coverage 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 in many cases I have not seen it a minimum of so uh the the other location that I do think 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 fact that you were not in compliance with laws um in the UK