Managing payroll worldwide is an overwhelming job … Papaya Global To Xero…
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Over the last five or six years …Papaya Global To Xero… functions on the provider side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I truly 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 very extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll also go over a recap which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them ends up being increasingly more intricate Worldwide organizations are aiming to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint numerous companies preserve separate savings account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain separate savings account often in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance information security and banking rules then there are the large numbers they include additional complexity the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely fundamental there’s no genuine consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in international payroll the less of an image 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 worldwide organizations have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the incorrect place the typical expense of a worldwide data 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 smoothly if they depend on the essential multiple 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 company face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be included right and what does
it require to be thought of there’s differing 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 client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 absolutely essential and innovation is allowing us to kind of move on with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work closer 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 anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the settlement landscape is ending up being progressively elaborate. Organizations are continually introducing new advantages and payment alternatives, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically advanced period, there’s no justification for preserving troublesome procedures. Payroll, the business’s biggest expense, must be processed correctly and on time. Even slight hold-ups can negatively impact staff members’ wellness and have significant effects. Therefore, it’s critical to focus on accurate and timely payments.
payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be great 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 become aware of 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 exercise 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 first Global Payments first payroll payment solution is a terrific initial step um supplying an end-to-end payroll service for your employees worldwide again I think is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of companies and lowering the number of tools platforms and checking account they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how crucial a role 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say imagine 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 speaking about numerous thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many 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 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 really see what was going on and type of try to return to everyone so carrying on look why do companies pick to main separate bank accounts there are Papaya Global To Xero organizations out there doing precisely this for specific countries and I’ve operated in an organization or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think individuals have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look 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 process that requires taking a look at it requires changing however ultimately people are extremely stuck to what they’re familiar
with best um change is a challenging thing all of us do not like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple savings account however there’s a substantial amount of intricacy chooses setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the truthful answer is modification 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 savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to monitor and this approach does posture a number of challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global To Xero
I find time and time again the employees often misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the client why you should be used or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed 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 go back as much as ten years um Kathy companies are taking out insurance against misclassification however typically premiums are just covering the cost of legal costs whilst the average claim evaluated versus employers relates to to 40 or 50 percent of the base salary of worker exists any point in taking out 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 charge and interest in many cases I have not seen it a minimum of so uh the the other location that I do think 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 coverage on the basis of the truth that you were not in compliance with laws um in the UK