Managing payroll worldwide is a difficult task … Papaya Global Process Maternity Pay…
How much revenue does the company make? Papaya Global Process Maternity Pay
Over the last 5 or 6 years …Papaya Global Process Maternity Pay… roles on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays 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 everyone is um it’s nice to to type of like see where everybody originates from and I actually 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 really extremely uninspiring and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is currently three and a half billion people 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 factor in that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s frequently a frustrating variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really very standard 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 which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a company spends on international payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international organizations have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included ideal and what does
it need to be thought about there’s varying 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 abilities 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 client’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they are like super 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to sort of move on with that it also too to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to type of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you type 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 genuine challenges or real challenging kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups 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 however you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from a cost perspective from an effect perspective on staff members it is definitely crucial that it’s done properly and on time so what we mean 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 damaging result on people’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been amazed entering into this Market sort of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just observe when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally too. Therefore, it is necessary to ensure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first Global Payments first payroll payment solution is a terrific initial step towards supplying an extensive payroll option for staff members worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account required for international payroll are essential consider accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyhow we understand 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 procedures and also so imagine sorry I’m simply I was simply gon na say envision 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 envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everybody so proceeding appearance why do business pick to primary different savings account there are Papaya Global Process Maternity Pay businesses out there doing precisely this for particular countries and I have actually worked in a service or lots of businesses doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not have to and anybody 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 amount that we are I believe lots of factors one is it’s the standard I think people have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are extremely stuck with what they recognize
with best um change is a difficult thing all of us don’t 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 things um I understand clearly the advantages of having preserving numerous checking account however there’s a substantial quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge but I believe the honest answer is modification um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically 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 variety right there is so
I simply 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 Global workers you should have a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Process Maternity Pay
I discover time and time again the employees typically misclassified unknowingly they do not comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous generally to the client why you must be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t contributed to pensions Etc so it’s a big impact that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification but typically premiums are only covering the cost of legal costs whilst the typical claim examined against companies corresponds to to 40 or half of the base salary of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other location 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK