Managing payroll globally is a difficult task … Papaya Global Register…
How much revenue does the company make? Papaya Global Register
Over the last five or six years …Papaya Global Register… functions on the service provider side and also on the vendor side from a payroll point of view so really 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 give everybody another couple of uh well one of 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 quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 dreary and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a recap which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them becomes a growing number of intricate Worldwide organizations are wanting to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment perspective lots of organizations preserve different checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve separate bank accounts often in different countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business simplify the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can change them from a challenging task into a tactical asset.
due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of employees and services contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of combination, resulting in disparities and inefficiencies. In spite of living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and services to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical expense of a worldwide information 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 don’t run efficiently if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t require to be included best and what does
it need to be thought about there’s varying Bank details 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you 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 absolutely essential and innovation is enabling us to sort of progress with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by services across the world so again you’re just looking to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they simply 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 that we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an effect point of view on employees it is definitely 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 need to be done right it has the biggest harmful effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll solution for your workers globally again I think is another substantial um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and bank accounts they require for their Worldwide 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 thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and type of try to get back to everybody so moving on look why do business select to main different savings account there are Papaya Global Register companies out there doing precisely this for specific nations and I have actually worked in a business or numerous businesses doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have 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 think this is a process that needs looking at it requires altering but eventually people are extremely stuck with what they recognize
with ideal um change is a hard thing we all don’t like change um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple savings account but there’s a huge amount of complexity chooses establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is big but I think the honest answer is change um individuals have not been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this approach does pose numerous difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Register
I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s most advantageous mainly to the client why you need to be employed or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions Etc so it’s a huge effect that they never ever knew they were strolling 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 getting insurance coverage versus misclassification but typically premiums are only covering the cost of legal costs whilst the typical claim evaluated against companies relates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance 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 haven’t seen it at least so uh the the other location that I do believe 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK