Managing payroll globally is a daunting task … Payroll Schedule Papaya Global…
How much revenue does the company make? Payroll Schedule Papaya Global
Over the last five or 6 years …Payroll Schedule Papaya Global… functions on the service provider side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually 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 raining here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly 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 companies properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they add further complexity the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll design there’s often an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or very really standard there’s no genuine consistency structure we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential numerous 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 obstacles company face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if however 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 essential and technology is enabling us to sort of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from computation 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 data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being used by services across the world so once again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run 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 a period of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost perspective from an effect viewpoint on workers 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 have to be done right it has the biggest damaging impact on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve always been amazed entering this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has been informed 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 become aware of it when it goes wrong everyone jumps up and down when it fails but 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 stuff is definitely vital that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a great initial step um providing an end-to-end payroll solution for your workers worldwide once again I think is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of companies and lowering the number of tools platforms and savings account they require for their Worldwide 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 do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how important 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 simple as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting 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 try to look through them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do business pick to primary separate savings account there are Payroll Schedule Papaya Global companies out there doing precisely this for specific countries and I have actually worked in an organization or lots of services doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t need to and anybody that’s handling that procedure 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 believe numerous factors one is it’s the standard I think people have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering however eventually people are really stuck with what they recognize
with right um modification is a tough thing we all don’t like change um so I think it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple bank accounts but there’s a big quantity of intricacy goes with establishing a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is huge however I believe the sincere response is change um people haven’t had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or so there is a lot to keep track of and this technique does present numerous challenges 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 modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Payroll Schedule Papaya Global
I discover time and time again the employees frequently misclassified unknowingly they do not understand the conditions of work or agreement and are informed by the customer why it’s optimum primarily to the client why you should be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions Etc so it’s a huge impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance versus misclassification however normally premiums are only covering the cost of legal charges whilst the average claim examined versus employers corresponds to to 40 or half of the base pay of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying 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