Managing payroll globally is an overwhelming job … Papaya Global Crashes When Running Reports…
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Over the last 5 or 6 years …Papaya Global Crashes When Running Reports… functions on the service provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply 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 sunshine is it it’s not no it’s it’s raining here it’s very very dreary and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 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 traditional payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be included right and what does
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it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely important but 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however 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 contribute to sort of the level of intricacy there’s more and more benefits being organ or being used by organizations throughout the world so again you’re simply seeking 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 genuine difficulties or real challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on workers it is definitely important 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 have to be done right it has the most significant harmful effect on individuals’s well-being and many other factors if people aren’t paid uh I have actually always been surprised coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great initial step um providing an end-to-end payroll service for your employees globally again I believe is another substantial um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of services and lowering the number of tools platforms and checking account they need for their International 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
anyway we know how how essential 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to return to everyone so carrying on look why do companies pick to main different bank accounts there are Papaya Global Crashes When Running Reports services out there doing exactly this for particular countries and I have actually worked in an organization or numerous companies doing precisely that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and anyone that’s dealing with that process 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 think many factors one is it’s the requirement I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck to what they recognize
with ideal um modification is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping multiple checking account but there’s a substantial amount of intricacy opts for establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual people so the complexity is huge but I believe the honest response is modification um people have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny might 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 Business 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 enhanced capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Crashes When Running Reports
I find time and time again the workers frequently misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the customer why you must be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges 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 passed they have not contributed to pensions And so on so it’s a huge effect 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 ten years um Kathy business are securing insurance coverage against misclassification however normally premiums are just covering the expense of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or half of the base salary of worker is there any point in securing insurance and what is the alternative yeah to your point um you do require 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 location 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK