Managing payroll internationally is a difficult task … Papaya Global Year End Update 2022…
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Over the last five or 6 years …Papaya Global Year End Update 2022… roles on the provider side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give 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 kind of let them do that so it ‘d be rather 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 truly 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 very very gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts 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 also review a wrap-up and that ought to leave his time at the very extremely 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 workforces become more and more common and handling them ends up being increasingly more intricate Worldwide companies are aiming to find Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment perspective numerous companies maintain different savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain different checking account often in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses 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 enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably regulations compliance data security and banking rules then there are the large numbers they add additional complexity the international Workforce is presently three and a half billion individuals 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 services and growing all doing their own thing around the globe in the standard payroll design there’s often a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency structure we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be consisted of right and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the payment landscape is ending up being significantly complex. Businesses are continually introducing new advantages and payment options, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technologically innovative age, there’s no justification for keeping cumbersome procedures. Payroll, the business’s biggest expense, should be processed properly and on time. Even minor hold-ups can negatively impact workers’ wellness and have far-reaching consequences. Therefore, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m unsure anybody on this kind 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 eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll service for your staff members worldwide again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and bank accounts they need 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 thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important a function it is and that’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 processes and likewise so envision sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to return to everyone so carrying on look why do companies pick to primary different bank accounts there are Papaya Global Year End Update 2022 services out there doing exactly this for specific nations and I’ve worked in a business or lots of organizations doing exactly that I can state it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not need to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing however eventually individuals are really stuck to what they recognize
with best um change is a hard thing we all don’t like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving multiple savings account however there’s a huge amount of intricacy opts for setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the intricacy is big but I believe the honest answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep an eye on and this approach does present numerous obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Year End Update 2022
I discover time and time again the workers typically misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the client why it’s optimum primarily to the customer why you should be employed or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected 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 contributed to pensions Etc so it’s a big 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 return as much as 10 years um Kathy business are taking out insurance versus misclassification however usually premiums are only covering the expense of legal costs whilst the average claim assessed against employers relates to to 40 or half of the base salary of worker 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 charge and interest most of the times I haven’t seen it at least so uh the the other area that I do think if you managed to get the coverage 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 truth that you were not in compliance with laws um in the UK