Managing payroll globally is a daunting task … Papaya Global Reports Location…
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Over the last 5 or 6 years …Papaya Global Reports Location… functions on the company 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 fine thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind 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 type of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really dreary and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also go over a recap which must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them ends up being increasingly more complex International organizations are looking to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment standpoint lots of organizations maintain different checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate savings account in some cases in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business streamline the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and find how enhancing global payroll payments can change them from a troublesome task into a strategic asset.
due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of combination, resulting in disparities and inadequacies. In spite of living in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually expressed that they don’t 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 information information entry errors badly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be included best and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 best ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is allowing us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 frequently 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by organizations across the world so again you’re just wanting to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they require 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 concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on employees it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging result on people’s wellness and many other factors if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. Therefore, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Global Payments first payroll payment service is a great initial action towards providing a thorough payroll solution for employees worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and bank accounts required for international payroll are crucial factors in attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Eventually, we don’t do it for the gratitude.
anyway we understand how how crucial a function 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 everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture 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 but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everybody so carrying on look why do companies choose to primary different bank accounts there are Papaya Global Reports Location services out there doing exactly this for particular nations and I’ve worked in a service or lots of services doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t have to and anybody that’s handling that process I ‘d be interested to hear your thoughts 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 believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add 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 think there’s a variety I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck to what they recognize
with ideal um modification is a tough thing all of us do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping several savings account however there’s a substantial amount of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is substantial but I think the sincere answer is change um people have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to keep track of and this technique does present numerous difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Reports Location
I discover time and time again the workers typically misclassified unconsciously they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the customer why you ought to be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added to pensions Etc so it’s a huge effect that they never understood they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance versus misclassification but typically premiums are just covering the expense of legal costs whilst the average claim evaluated against companies corresponds to to 40 or 50 percent of the base salary of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read 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 believe if you managed to get the protection what we are stating 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