Handling payroll globally is an overwhelming task … Troubleshoot Papaya Global Update…
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Over the last 5 or six years …Troubleshoot Papaya Global Update… roles on the supplier side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll also discuss a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes more and more intricate International companies are wanting to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment viewpoint many organizations keep different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain separate checking account often in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex processes of
making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the international Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or very very fundamental there’s no genuine consistency framework we’re residing in an age of tech but payroll has been sluggish 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 believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of international organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers 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 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 abilities 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 wherever you look ideal eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to kind of move on with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m always surprised when individuals say I’ve 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 calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by organizations across the world so once again you’re just aiming to add increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from an expense point of view from an impact perspective on staff members it is absolutely important that it’s done correctly and on time so what we mean 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 destructive result on individuals’s well-being and numerous other elements if people aren’t paid uh I’ve constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been informed 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 important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however 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 also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent initial step um providing an end-to-end payroll solution for your employees globally again I think is another huge um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually 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 have not gone rather where they’re indicated to be um I don’t think 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely 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 need days of the week to try to check out them and really see what was going on and kind of shot to get back to everyone so carrying on look why do business pick to main different savings account there are Troubleshoot Papaya Global Update organizations out there doing exactly this for particular nations and I have actually worked in an organization or lots of services doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for anybody where we don’t have to and any person that’s dealing with that procedure 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 people have actually got so utilized to we require a new savings 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 standard and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it requires altering but eventually individuals are extremely stuck to what they recognize
with right um change is a challenging thing we all don’t like change um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having keeping multiple bank accounts however there’s a big quantity of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is huge but I believe the sincere answer is change um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture several challenges um so Johnny might you tell us about those challenges yeah naturally 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 tasks on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements. Troubleshoot Papaya Global Update
I discover time and time again the workers frequently misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the client why you must be used or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee 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 gone by they have not added to pensions Etc so it’s a huge impact that they never ever understood they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are getting insurance coverage versus misclassification but normally premiums are only covering the cost of legal charges whilst the typical claim evaluated versus employers equates to to 40 or half 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 check out the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it at least so uh the the other location 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 fact that you were not in compliance with laws um in the UK