Handling payroll worldwide is a challenging job … Papaya Global Employer Helpline…
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Over the last 5 or six years …Papaya Global Employer Helpline… roles on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes 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 very really bleak and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and managing them ends up being a growing number of complicated Global companies are seeking to discover Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment viewpoint lots of companies maintain different checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep separate checking account often in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Workforce is presently 3 and a half billion people 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 consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s often a frustrating number of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very basic there’s no genuine consistency structure we’re residing in an age 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 whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the essential numerous processes 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 company face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and say what is it what doesn’t need to be consisted of 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 country there’s payment timespan there’s payment capabilities 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 intricacy wherever you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if however some children 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 definitely essential and innovation is permitting us to kind of progress with that it also too 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 definitely vital that payroll and finance groups work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 process it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to add to kind of the level of complexity there’s a growing number of advantages being organ or being offered by companies throughout the world so again you’re just wanting to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an impact perspective on staff members it is absolutely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful impact on individuals’s well-being and numerous other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view 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 International Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your employees globally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of companies and decreasing the variety 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 terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow 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 simple as possible for everybody that’s involved in those procedures and also so think of sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and type of try to get back to everybody so carrying on appearance why do companies select to main separate savings account there are Papaya Global Employer Helpline organizations out there doing precisely this for particular countries and I’ve worked in a company or lots of companies doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I believe people have got so used 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 standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing but eventually people are extremely stuck to what they’re familiar
with right um modification is a difficult thing we all don’t like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining numerous savings account but there’s a substantial quantity of complexity goes with setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge however I think the truthful response is change um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does pose numerous obstacles um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so
I simply did you changed 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 Worldwide staff members you are worthy of a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Employer Helpline
I discover time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of work or contract and are told by the client why it’s optimum mainly to the customer why you should be used or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 gone by they have not added to pensions And so on so it’s a huge effect that they never ever 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 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 against employers relates to to 40 or half of the base pay of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least 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 pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK