Managing payroll worldwide is an overwhelming job … Papaya Global Update July 2018…
How much revenue does the company make? Papaya Global Update July 2018
Over the last 5 or six years …Papaya Global Update July 2018… roles on the supplier side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was somewhere else at this moment in time fine 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 handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up which 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them becomes more and more complicated International companies are wanting to discover Solutions and new ways to enhance processes specifically from a payroll and cross-border payment perspective numerous companies maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate bank accounts in some cases in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex processes of
Making sure precise, effective, and timely payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to optimize working capital, and find how streamlining international payroll payments can change them from a burdensome task into a strategic asset.
due to various policies, compliance requirements, information security issues, and banking guidelines. The large number of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. In spite of living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see an absence of presence also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide organizations have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included right 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 amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 procedure it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to type of the level of complexity there’s more and more benefits being organ or being provided by services throughout the world so once again you’re just aiming to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger 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 teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost point of view from an impact viewpoint on employees it is absolutely critical 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 damaging impact on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a fantastic primary step um offering an end-to-end payroll option for your workers globally once again I believe is another substantial um process again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of services and lowering the number of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate 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 quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we know 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 associated with those procedures and likewise 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 quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and type of try to get back to everyone so moving on appearance why do companies choose to primary separate savings account there are Papaya Global Update July 2018 services out there doing precisely this for specific nations and I’ve worked in a service or lots of businesses doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing extra work for anyone where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe 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 brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing but eventually individuals are extremely stuck to what they recognize
with best um change is a tough thing we all do not like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping several checking account but there’s a big quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big however I believe the truthful answer is modification um individuals have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we’ve 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 practically be determined to be the next Century or two there is a lot to keep track of and this method does position numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Update July 2018
I find time and time again the employees frequently misclassified unwittingly they do not understand the conditions of employment or contract and are told by the client why it’s most advantageous generally to the customer why you need to be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee 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 gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance versus misclassification but usually premiums are only covering the expense of legal charges whilst the typical claim evaluated versus employers corresponds to to 40 or 50 percent of the base salary of employee is there any point in taking out 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 charge and interest in most cases I have not seen it at least so uh the the other location that I do believe 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