Managing payroll worldwide is an overwhelming job … Papaya Global One Uk…
How much revenue does the company make? Papaya Global One Uk
Over the last 5 or 6 years …Papaya Global One Uk… functions on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 very really uninspiring and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also review a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and handling them ends up being a growing number of intricate International organizations are seeking to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have several accounts in various nations does it make sense for companies to preserve different savings account in some cases in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult 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 importantly policies compliance information security and banking rules then there are the sheer numbers they add more complexity the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s frequently an overwhelming number of different systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or very very basic there’s no real consistency framework we’re residing in a period 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 and that simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great question I constantly toss this back and say what is it what does not require to be included ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 intricacy any place you look right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if but some infants 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 absolutely basic and technology is allowing us to sort of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 often 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 individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being provided by services across the world so again you’re just looking to include 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 make certain however have you got any experience in kind of real difficulties or genuine tough kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an impact perspective on employees it is absolutely crucial 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 biggest detrimental result on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve always been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem 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 properly so leveraging the very first Global Payments first payroll payment service is a great first step um supplying an end-to-end payroll option for your staff members internationally once again I believe is another substantial um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and minimizing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless 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 haven’t gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how crucial 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 simple as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everyone so moving on look why do companies choose to main separate savings account there are Papaya Global One Uk companies out there doing precisely this for particular countries and I’ve operated in a service or many companies doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing but ultimately individuals are very stuck to what they recognize
with ideal um modification is a difficult thing all of us do not like modification um so I believe it’s simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving several savings account but there’s a huge amount of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big however I believe the honest response is modification um people have not had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep track of and this approach does present several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global One Uk
I find time and time again the workers typically misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the client why it’s optimum primarily to the customer why you need to be utilized or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee 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 actually passed they have not added to pensions Etc so it’s a big effect that they never ever understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage against misclassification but generally premiums are only covering the cost of legal fees whilst the average claim examined against companies corresponds to to 40 or half of the base salary of employee exists 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 penalty and interest most of the times I have not 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 protection on the basis of the fact that you were not in compliance with laws um in the UK