Managing payroll internationally is a difficult job … Papaya Global Setting Ledgers Pension…
How much revenue does the company make? Papaya Global Setting Ledgers Pension
Over the last five or six years …Papaya Global Setting Ledgers Pension… functions on the company side and likewise on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly 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 very bleak and I wish I was elsewhere at this moment in time all right 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 maintain separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a difficult task into a tactical asset.
due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and organizations contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, leading to disparities and inadequacies. In spite of living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options 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 organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide services have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does
it need to be considered there’s differing 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 permitting us to sort of progress with that it also also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 ultimately 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by organizations across the world so again you’re just seeking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or real difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the larger an organization 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 information into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense point of view from an impact viewpoint on staff members it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful effect on individuals’s well-being and many other elements if people aren’t paid uh I’ve always been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 stuff is definitely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a great first step um providing an end-to-end payroll option for your employees globally again I believe is another substantial um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and bank accounts 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’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyway 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 associated with those procedures and also so imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh absolutely 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 attempt to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do companies choose to primary different savings account there are Papaya Global Setting Ledgers Pension businesses out there doing precisely this for particular nations and I have actually operated in an organization or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and anybody that’s handling 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 requirement I believe individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes 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 the people have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing however eventually people are very stuck with what they recognize
with right um change is a hard thing we all do not like change um so I think it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining several bank accounts however there’s a big quantity of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is substantial however I believe the truthful response is modification um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to track and this technique does present several obstacles um so Johnny might you tell us about those obstacles yeah of course 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Setting Ledgers Pension
I find time and time again the employees typically misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the customer why it’s most advantageous primarily to the customer why you must be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges 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 passed they haven’t added to pensions Etc so it’s a huge effect that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification however usually premiums are only covering the cost of legal charges whilst the average claim assessed versus companies equates to to 40 or half of the base pay of worker exists any point in getting 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 charge and interest for the most part I have not seen it at least 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK