Managing payroll globally is a difficult job … Papaya Global Eemployee On Hold…
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Over the last 5 or six years …Papaya Global Eemployee On Hold… roles on the service provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just 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 definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also discuss a wrap-up and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them becomes more and more complicated International organizations are aiming to discover Solutions and new ways to simplify processes especially from a payroll and cross-border payment standpoint numerous companies preserve different checking account just for payroll while some have several accounts in various countries does it make sense for companies to maintain different bank accounts often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they add further intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s approximated 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there’s typically a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely standard there’s no real consistency framework we’re residing in an era of tech but payroll has been sluggish 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 every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global services have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes poorly communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the essential 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 challenges service face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought of there’s varying Bank details 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 allowing us to kind of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I have actually divided 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 split the payroll payment from computation I would say no so why do we as a market 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 individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by companies across the world so again you’re just seeking to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real difficulties or real tough sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger 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 groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to create extra handoffs in the processes 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 understand that we are working in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an impact perspective on employees it is absolutely crucial that it’s done properly and on time so what we imply 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 destructive impact on individuals’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this kind of webinar has actually 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 an essential cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic initial step um supplying an end-to-end payroll service for your employees worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and checking account they require 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 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 grievances 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 know how how important a role 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 everyone that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean 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 need days of the week to attempt to browse them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do companies choose to main separate bank accounts there are Papaya Global Eemployee On Hold organizations out there doing exactly this for specific nations and I have actually operated in a business or many organizations doing precisely that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not need to and anyone that’s managing 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 believe many factors one is it’s the standard I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately 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 requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately people are very stuck with what they recognize
with ideal um change is a challenging thing all of us do not like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping multiple bank accounts however there’s a big amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is huge however I think the truthful response is modification um individuals have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep an eye on and this method does position numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so
I simply did you switched our Enterprise 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 Global employees you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Eemployee On Hold
I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of work or agreement and are told by the client why it’s optimum mainly to the customer why you need to be used or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never understood 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 taking out insurance coverage versus misclassification however normally premiums are only covering the cost of legal costs whilst the average claim evaluated versus companies equates 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 charge and interest in many 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 pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK