Managing payroll worldwide is a complicated task … Papaya Global Techcrunch…
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Over the last five or six years …Papaya Global Techcrunch… roles on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days 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 everyone is um it’s nice to to sort of like see where everyone comes from and I actually 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 drizzling here it’s really very gloomy and I wish I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and managing them becomes increasingly more complicated Global organizations are aiming to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint lots of companies preserve different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep separate bank accounts in some cases in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business 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 asset so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the global 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 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 worldwide in the standard payroll design there’s typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very really basic there’s no real consistency structure we’re residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international businesses have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need to be thought of there’s varying 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 customer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 often 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the compensation landscape is ending up being significantly complex. Businesses are constantly presenting new advantages and payment alternatives, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically sophisticated age, there’s no validation for maintaining troublesome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even slight hold-ups can adversely impact staff members’ wellness and have significant consequences. Therefore, it’s vital to prioritize accurate and prompt payments.
payroll team get um so I’m not sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all find out 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 consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the very first International Payments first payroll payment option is an excellent first step um providing an end-to-end payroll option for your employees globally again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and lowering 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 countless 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 complaints where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks
anyhow we understand how how essential 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 involved in those processes and also so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to get back to everyone so carrying on appearance why do business pick to main separate savings account there are Papaya Global Techcrunch organizations out there doing exactly this for particular countries and I have actually operated in an organization or many companies doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and any person 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 requirement I think individuals have got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions however 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 embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a procedure that requires taking a look at it requires changing however ultimately individuals are very stuck to what they recognize
with right um change is a tough thing all of us don’t like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple savings account however there’s a big amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big however I believe the truthful answer is modification um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to track and this approach does posture a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Techcrunch
I find time and time again the employees frequently misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous primarily to the client why you should be utilized or participated in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on so it’s a huge effect that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance versus misclassification but typically premiums are only covering the cost of legal fees whilst the typical claim examined against companies equates to to 40 or 50 percent of the base pay of employee is there any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK