Handling payroll globally is a daunting task … Papaya Global Help Guide…
How much revenue does the company make? Papaya Global Help Guide
Over the last five or 6 years …Papaya Global Help Guide… functions on the provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well among 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 quite intriguing and I can see it going on currently just to hear where everyone 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 very extremely dreary and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we’ll also review a recap which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them ends up being increasingly more intricate Global companies are wanting to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment perspective numerous organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different checking account sometimes in various nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add further complexity the international Labor force is presently three 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there’s often a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really very fundamental there’s no genuine consistency framework we’re living in an era of tech but payroll has actually been slow 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 whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count 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 business face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be included right and what does
https://www.youtube.com/watch?v=K0xho7hqVN4&pp=ygUNcGFwYXlhIGdsb2JhbA%3D%3D
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s complexity any place you look right ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to sort of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by businesses throughout the world so once again you’re simply looking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely say that the larger a company 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 info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect viewpoint on employees it is definitely critical that it’s done correctly and on time so what we indicate 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 well-being and lots of other factors if people aren’t paid uh I’ve constantly been surprised entering this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but 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 crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll option for your workers internationally again I think is another big um procedure again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of services and decreasing the number of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand 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 associated with those procedures and likewise so picture sorry I’m simply I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely 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 browse them and really see what was going on and type of try to get back to everyone so moving on look why do companies pick to primary different checking account there are Papaya Global Help Guide businesses out there doing exactly this for particular nations and I have actually worked in a business or numerous organizations doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for any person where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the requirement I believe individuals have got so utilized to we need a new checking 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 just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however eventually individuals are really stuck to what they recognize
with best um change is a difficult thing we all do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining several savings account however there’s a substantial quantity of intricacy chooses establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is big however I believe the honest answer is change um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to keep track of and this method does position numerous difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a variety right there is so
I simply did you changed 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 workers you should have a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Help Guide
I discover time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous generally to the client why you should be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care benefits 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 far too late years have passed they haven’t added to pensions Etc so it’s a big effect that they never understood they were walking 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 versus misclassification however typically premiums are just covering the cost of legal costs whilst the average claim assessed 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 need to read the small print it is not covering the taxes penalty and interest in many cases I haven’t seen it at least so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK