Handling payroll internationally is a daunting job … Papaya Global Services Danvers Ma…
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Over the last five or 6 years …Papaya Global Services Danvers Ma… roles on the provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days 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 everybody is um it’s nice to to kind 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 extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll likewise review a wrap-up which needs to 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 Worldwide workforces become a growing number of common and managing them becomes a growing number of complex International organizations are wanting to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment perspective many companies keep separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to keep different checking account often in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and discover how improving global payroll payments can change them from a burdensome job into a strategic asset.
due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and companies contributes to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to supply insights and options to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses 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 data data entry mistakes badly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of ideal and what does
it require to be thought about 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 client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely vital however 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 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 fundamental and technology is permitting us to type of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the payment landscape is becoming increasingly complex. Companies are constantly introducing brand-new benefits and payment alternatives, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technically innovative era, there’s no justification for preserving cumbersome treatments. Payroll, the business’s greatest expense, must be processed correctly and on time. Even small delays can adversely affect staff members’ well-being and have far-reaching effects. Therefore, it’s important to focus on precise and prompt payments.
payroll team get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but 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 things is absolutely vital that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll solution for your employees internationally once again I believe is another substantial um process once again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and reducing the number of tools platforms and checking account they need for their Global 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 countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are really 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 easy as possible for everyone that’s associated with those processes and also so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to get back to everyone so moving on look why do business pick to main separate checking account there are Papaya Global Services Danvers Ma companies out there doing exactly this for specific countries and I’ve worked in a business or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anybody where we do not need to and anybody that’s dealing with 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 requirement I believe individuals have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing however ultimately people are extremely stuck to what they’re familiar
with best um modification is a difficult thing we all do not like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple bank accounts however there’s a huge quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the complexity is huge however I think the sincere response is change um people haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this method does posture numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Services Danvers Ma
I find time and time again the workers frequently misclassified unwittingly 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 must be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not contributed to pensions Etc so it’s a big effect that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification but generally premiums are just covering the expense of legal costs whilst the typical claim evaluated against employers corresponds to to 40 or 50 percent 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 require to check out the fine print it is not covering the taxes charge and interest in many cases I have not seen it at least so uh the the other area 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK