Handling payroll internationally is a challenging job … Papaya Global E Learning…
How much revenue does the company make? Papaya Global E Learning
Over the last five or six years …Papaya Global E Learning… functions on the company side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of 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 fascinating and I can see it going on already just 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 certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I want I was elsewhere at this moment in time alright so let’s get started 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 preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we’ll likewise discuss a recap which ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them becomes increasingly more intricate Worldwide companies are aiming to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment standpoint lots of organizations maintain separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to keep separate bank accounts in some cases in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business streamline the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a troublesome task into a strategic asset.
due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Regardless of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and services to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely on the essential several 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 challenges company face when they’re paying to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be included ideal 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 nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to type of move on with that it also also to add to that payroll and financing require to work closer together um with differing Checking 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 impressed when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to add to sort of the level of complexity there’s more and more benefits being organ or being offered by organizations across the world so again you’re just aiming to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you know 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 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 need to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an effect viewpoint on employees it is definitely 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 effect on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been surprised entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has been told 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 however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think 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 absolutely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll option for your workers worldwide again I think is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and savings account they need 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 don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how crucial a function 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 everybody that’s associated with those procedures and also so think of sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t picture 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 actually see what was going on and type of shot to get back to everybody so proceeding appearance why do companies choose to primary different savings account there are Papaya Global E Learning organizations out there doing exactly this for particular nations and I have actually operated in a business or many services doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I think people have actually got so utilized to we need a brand-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 simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have 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 believe this is a procedure that requires looking at it needs changing but eventually individuals are very stuck with what they recognize
with ideal um modification is a challenging thing all of us do not like change um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having maintaining several bank accounts however there’s a huge quantity of complexity goes with establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is substantial however I believe the sincere response is change um individuals have not had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this approach does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global E Learning
I discover time and time again the employees typically misclassified unconsciously they do not comprehend the conditions of work or contract and are informed by the client why it’s most advantageous primarily to the customer why you must be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee 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 have not contributed to pensions And so on so it’s a big impact that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage against misclassification but usually premiums are only covering the cost of legal charges whilst the typical claim examined against companies relates to to 40 or 50 percent of the base pay of employee exists any point in taking out insurance 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 location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK