Managing payroll worldwide is an overwhelming job … Papaya Global Pension Review Data…
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Over the last 5 or six years …Papaya Global Pension Review Data… roles on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everyone 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 quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also discuss a recap and that needs to leave his time at the very really 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 Worldwide labor forces become increasingly more common and managing them ends up being more and more complex Global companies are seeking to discover Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment viewpoint lots of companies preserve separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to maintain different checking account often in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating 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 fundamental there’s no genuine consistency framework we’re residing 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 often with pen and paper and that simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of international services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors badly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the data is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the essential several procedures 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 obstacles business face when they’re making payments to workers or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be consisted of best and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you need 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 right ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble very payments no if however some infants 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 think there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by companies throughout the world so again you’re just wanting to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or real tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of years 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 teams doing one part of the job there are teams feeding information into the next function as it were that’s actually handling the payment side of things however 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 produce additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact viewpoint on workers it is absolutely important that it’s done properly and on time so what we imply 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 harmful effect on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody 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 stuff is absolutely vital that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll solution for your staff members globally once again I believe is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and decreasing 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’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks
anyway we understand 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 easy as possible for everybody that’s involved in those processes and likewise so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean up 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 browse them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business pick to primary separate bank accounts there are Papaya Global Pension Review Data services out there doing precisely this for specific nations and I’ve worked in an organization or numerous organizations doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not need to and any person that’s handling 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 numerous reasons one is it’s the standard I think people have got so used to we need a brand-new checking 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 think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing however eventually individuals are very stuck to what they recognize
with ideal um modification is a hard thing all of us do not like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping several checking account but there’s a huge quantity of intricacy opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big however I think the sincere answer is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this method does posture several difficulties um so Johnny might you tell us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched 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 International employees you deserve a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Pension Review Data
I find time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum primarily to the client why you must be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions Etc so it’s a big impact that they never understood they were walking 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 taking out insurance coverage versus misclassification however typically premiums are just covering the cost of legal fees whilst the average claim examined versus employers relates to to 40 or half of the base pay of employee is there any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of so uh the the other area 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 pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK