Handling payroll globally is a complicated job … Papaya Global Solution…
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Over the last 5 or six years …Papaya Global Solution… roles on the provider side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 really very gloomy and I want 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 taking a look at the difficulty years of handling International payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise review a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them becomes increasingly more complex International organizations are seeking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint numerous companies keep separate bank account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different savings account often in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s often an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or very really standard there’s no real consistency framework we’re residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just 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 Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included best and what does
it need to be considered there’s differing 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if but some infants 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 basic and innovation is permitting us to kind of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation 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 procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the payment landscape is ending up being increasingly detailed. Services are continually introducing new benefits and payment options, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s highly advanced era, there’s no reason for maintaining cumbersome treatments. Payroll, the business’s most significant expense, need to be processed properly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have far-reaching consequences. For that reason, it’s critical to focus on accurate and timely payments.
payroll team get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a terrific first step um providing an end-to-end payroll solution for your workers internationally again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and checking account they require for their Global 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 have actually never ever had a hundred countless 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 problems where things have not gone rather where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you notes um I suggest 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 think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of try to get back to everybody so carrying on appearance why do companies select to primary separate checking account there are Papaya Global Solution companies out there doing exactly this for specific nations and I have actually worked in an organization or numerous organizations doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t need 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 amount that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but ultimately individuals are extremely stuck to what they recognize
with right um change is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining multiple checking account however there’s a huge amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is huge however I think the sincere response is change um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this technique does posture numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Solution
I discover time and time again the workers frequently misclassified unknowingly they do not understand the conditions of work or agreement and are told by the customer why it’s most advantageous primarily to the customer why you must be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not added to pensions And so on so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are taking out insurance versus misclassification however normally premiums are just covering the expense of legal charges whilst the average claim evaluated against companies equates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK