Managing payroll worldwide is a challenging job … Papaya Global Cloud Install…
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Over the last five or 6 years …Papaya Global Cloud Install… functions on the service provider side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 bleak and I wish I was somewhere else at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also discuss a recap and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and handling them becomes a growing number of complex International companies are seeking to find Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment perspective many companies preserve different bank account just for payroll while some have several accounts in different countries does it make good sense for companies to keep different savings account in some cases in various nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies enhance the episode complex procedures of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they include further intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really really standard there’s no genuine consistency framework we’re residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually revealed 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 poor HCM data information entry mistakes badly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the necessary numerous procedures 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 difficulties business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be consisted of best and what does
it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely essential 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 walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split 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 process it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses throughout the world so once again you’re just looking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact point of view on employees it is definitely vital that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging effect on people’s well-being and many other factors if individuals aren’t paid uh I’ve always been impressed entering this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment service is a terrific initial step towards supplying a detailed payroll solution for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and savings account essential for worldwide payroll are essential consider achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Ultimately, we don’t do it for the gratitude.
anyway 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh definitely I can’t envision 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 kind of shot to return to everyone so proceeding appearance why do companies choose to main different savings account there are Papaya Global Cloud Install services out there doing precisely this for particular nations and I have actually worked in an organization or numerous organizations doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s handling 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 quantity that we are I think many factors one is it’s the standard I believe people have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering but ultimately individuals are extremely stuck to what they’re familiar
with right um change is a challenging thing we all 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 things um I understand certainly the advantages of having keeping numerous savings account however there’s a big amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big but I think the honest response is change um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep track of and this technique does posture a number of challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Cloud Install
I discover time and time again the workers typically misclassified unconsciously they don’t understand the conditions of work or contract and are told by the customer why it’s most advantageous primarily to the client why you must be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a big effect that they never knew they were strolling 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 business are securing insurance versus misclassification however normally premiums are only covering the cost of legal costs whilst the average claim examined versus companies corresponds to to 40 or half of the base salary of worker is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest for the most part I have not seen it a minimum of 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 pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK