Handling payroll internationally is a daunting job … Papaya Global User Guide…
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Over the last five or six years …Papaya Global User Guide… functions on the supplier side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and find how streamlining international payroll payments can transform them from a burdensome task into a strategic property.
due to numerous regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual procedures, information silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite living in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and solutions to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to employees or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be consisted of right 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 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 intricacy wherever you look right eventually developing a knowledge base is absolutely important however all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of move on with that it also too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 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
world we reside in and well-being being more and more important to add to type of the level of intricacy there’s a growing number of advantages being organ or being used by businesses across the world so once again you’re simply seeking to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or real tough kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost viewpoint from an effect point of view on staff members it is absolutely important 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 most significant destructive result on people’s well-being and many other factors if people aren’t paid uh I’ve always been impressed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally as well. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first Global Payments very first payroll payment option is an excellent initial action towards supplying a detailed payroll solution for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and bank accounts required for international payroll are essential consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway we know how how crucial 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 everybody that’s involved in those processes and also so imagine sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly 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 however it would certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and type of try to get back to everyone so proceeding look why do companies select to main separate savings account there are Papaya Global User Guide companies out there doing precisely this for specific countries and I’ve worked in a business or lots of services doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s managing 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 believe many factors one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but ultimately individuals are really stuck with what they recognize
with best um change is a challenging thing all of us do not like modification um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining several bank accounts however there’s a big amount of intricacy goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is big but I think the sincere answer is change um people haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think 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 always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep track of and this approach does position several challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global User Guide
I find time and time again the employees frequently misclassified unconsciously they do not comprehend the conditions of work or agreement and are told by the client why it’s most advantageous primarily to the customer why you must be employed or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they have not contributed to pensions Etc so it’s a big effect that they never understood they were walking 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 getting insurance versus misclassification but usually premiums are just covering the expense of legal costs whilst the typical claim evaluated versus employers equates to to 40 or half of the base salary of worker is there any point in taking out insurance coverage 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 most cases I have not seen it at least 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 stuff you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK