Managing payroll worldwide is a complicated job … Papaya Global Description…
How much revenue does the company make? Papaya Global Description
Over the last five or 6 years …Papaya Global Description… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion 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 among 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 quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really 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 very bleak and I want I was elsewhere at this moment in time okay so let’s start our agenda 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
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably regulations compliance information security and banking rules then there are the sheer numbers they include additional complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there’s typically an overwhelming variety of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely standard there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of international services have actually 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 information data entry errors poorly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the needed several processes 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 making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included ideal and what does
it need 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 abilities 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 complexity anywhere you look ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 innovation is enabling us to type of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing groups work more detailed together than ever um I’m always surprised when people say 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 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 information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on well-being and the payment landscape is becoming increasingly complex. Companies are continuously presenting new benefits and payment options, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technologically innovative age, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even minor delays can adversely impact employees’ wellness and have significant repercussions. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll solution for your staff members worldwide once again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and decreasing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle don’t anticipate 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 quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 processes and likewise so imagine sorry I’m simply I was just gon na state 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 talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do companies select to main separate checking account there are Papaya Global Description services out there doing precisely this for specific countries and I’ve worked in a company or numerous services doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe individuals have got so used 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 number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires changing but ultimately people are very stuck to what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving multiple savings account but there’s a huge quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is huge but I think the truthful answer is change um individuals have not been able to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I believe it is knowledge 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 benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to monitor and this method does posture several challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Description
I discover time and time again the employees frequently misclassified unwittingly they don’t understand the conditions of employment or agreement and are informed by the client why it’s optimum primarily to the client why you must be used or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they have not contributed to pensions And so on so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance coverage versus misclassification but normally premiums are just covering the expense of legal costs whilst the average claim examined against employers equates to to 40 or 50 percent of the base pay of employee exists any point in getting insurance 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 penalty and interest in most cases I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK