Managing payroll globally is a daunting task … Papaya Global Report 2019 Pdf…
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Over the last 5 or 6 years …Papaya Global Report 2019 Pdf… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely 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 fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and handling them ends up being increasingly more complex Global organizations are seeking to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment viewpoint numerous organizations keep different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve separate savings account sometimes in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business enhance the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a difficult task into a tactical possession.
due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and companies adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, information silos, and an absence of integration, leading to disparities and ineffectiveness. Regardless of living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and services to simplify and enhance global payroll payments.
about it to give 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 provides me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international organizations have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential numerous 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 challenges business face when they’re paying to workers or otherwise that’s a great question I always throw this back and state 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to sort of the level of intricacy there’s more and more benefits being organ or being offered by companies across the world so once again you’re just looking to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real difficult kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely 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 information into the next function as it were that’s actually managing the payment side of things but 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 while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense perspective from an effect viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we indicate 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 impact on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments first payroll payment service is a great primary step um offering an end-to-end payroll option for your employees worldwide again I believe is another big um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and bank accounts they require for their Worldwide 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 had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather 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 know how how essential 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of try to return to everyone so carrying on look why do companies select to main different checking account there are Papaya Global Report 2019 Pdf organizations out there doing exactly this for particular nations and I have actually worked in a company or numerous businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop 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 anybody that’s managing 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 believe numerous reasons one is it’s the requirement I believe people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have embraced 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 believe there’s a variety I believe this is a process that needs looking at it needs changing however eventually people are really stuck to what they recognize
with best um modification is a tough thing all of us don’t like modification um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having maintaining numerous checking account but there’s a big amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is substantial however I think the honest answer is change um people haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this approach does position numerous challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Report 2019 Pdf
I discover time and time again the employees often misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the client why it’s optimum primarily to the customer why you need to be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and numerous 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 haven’t contributed to pensions Etc so it’s a big impact that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance against misclassification but generally premiums are only covering the cost of legal costs whilst the average claim examined against employers corresponds to to 40 or half of the base pay 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 small print it is not covering the taxes charge and interest most of the times I haven’t seen it a minimum of so uh the the other area 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK