Managing payroll worldwide is a complicated task … Papaya Global Training Kent…
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Over the last five or six years …Papaya Global Training Kent… functions on the supplier side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type 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 everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll likewise go over a wrap-up which ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and managing them ends up being increasingly more complex Global organizations are aiming to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep separate bank accounts sometimes in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies enhance the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and discover how streamlining international payroll payments can transform them from a burdensome job into a tactical possession.
due to different regulations, compliance requirements, information security concerns, and banking guidelines. The large number 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 typically result in manual processes, information silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. In spite of living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of 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 all of it off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the required multiple 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 obstacles service face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of right and what does
it require to be considered there’s varying 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look best eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of move forward with that it also 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 crucial that payroll and financing teams work more detailed together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so once again you’re simply wanting to add a growing number of payments to this already complicated landscape so if you sort 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 obstacles or real difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from a cost point of view from an impact viewpoint on staff members it is definitely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for properly 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 people only discover when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. For that reason, it is essential to make sure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first International Payments first payroll payment solution is an excellent preliminary step towards supplying a detailed payroll solution for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account essential for global payroll are crucial consider achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we know how how important 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 procedures and likewise so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine 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 however it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture 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 really see what was going on and type of shot to return to everyone so proceeding appearance why do business choose to primary different checking account there are Papaya Global Training Kent organizations out there doing exactly this for specific countries and I’ve operated in a service or lots of businesses doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s dealing with that procedure 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 numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that needs taking a look at it needs changing however ultimately people are really stuck with what they recognize
with right um modification is a hard thing all of us do not like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple savings account however there’s a huge amount of intricacy goes with setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge however I think the honest answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this method does present a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change 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 actually gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Training Kent
I find time and time again the employees often misclassified unwittingly they do not comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous generally to the client why you need to be employed or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be affected 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 gone by they have not added to pensions And so on so it’s a big effect that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are securing insurance coverage versus misclassification however normally premiums are just covering the expense of legal charges whilst the average claim assessed against companies equates to to 40 or 50 percent of the base pay of worker exists any point in securing insurance 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 most cases I have not seen it a minimum of so uh the the other area 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 stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK