Managing payroll globally is an overwhelming task … Does Papaya Global Need Internet…
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Over the last five or six years …Does Papaya Global Need Internet… roles on the provider side and also 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 everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates 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 drizzling here it’s very really bleak and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a troublesome job into a strategic possession.
due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer number of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and an absence of combination, causing inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of global companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be included best and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation 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 any place you look best ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to type of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance groups work better together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by companies across the world so again you’re simply looking to add more and more payments to this currently complex landscape so if you kind 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 genuine challenges or real tough type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an effect perspective on staff members it is absolutely critical that it’s done properly 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 greatest detrimental effect on individuals’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem 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 very first Worldwide Payments very first payroll payment solution is a great first step um offering an end-to-end payroll option for your workers globally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and decreasing the number of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely I can’t imagine 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 in fact see what was going on and type of shot to return to everybody so proceeding appearance why do business choose to main different bank accounts there are Does Papaya Global Need Internet organizations out there doing precisely this for particular nations and I’ve worked in a company or numerous companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new bank 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 add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs taking a look at it requires changing but ultimately people are really stuck with what they’re familiar
with right um modification is a challenging thing all of us don’t 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 great deal of track of things um I comprehend clearly the advantages of having keeping numerous bank accounts however there’s a big amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is huge but I believe the truthful response is modification um people have not had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to track and this technique does present numerous difficulties um so Johnny could 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide 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. Does Papaya Global Need Internet
I find time and time again the employees typically misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous generally to the customer why you should be employed or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted 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 gone by they haven’t added to pensions And so on so it’s a big effect that they never knew they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification but usually premiums are only covering the cost of legal fees whilst the average claim examined versus employers equates to to 40 or 50 percent of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require 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 believe if you managed to get the protection 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 reality that you were not in compliance with laws um in the UK