Managing payroll globally is a challenging job … Cancel Submitted Payroll Papaya Global…
How much revenue does the company make? Cancel Submitted Payroll Papaya Global
Over the last five or 6 years …Cancel Submitted Payroll Papaya Global… roles on the service provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply give everyone another number 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 interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most notably regulations compliance data security and banking rules then there are the large numbers they include more intricacy the international Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 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 conventional payroll design there’s frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very very standard there’s no genuine consistency structure we’re living in an era of tech but payroll has been slow 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 each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical cost 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 globe payroll and payments don’t run smoothly if they depend on the necessary several 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 company 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 best and what does
it require to be thought of there’s differing Bank details 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 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 customer’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if however some babies 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 recognition that payroll payments are absolutely basic and innovation is enabling us to kind of progress with that it likewise also to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately 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 likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there’s more and more benefits being organ or being provided by companies across the world so once again you’re just seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or real tough kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely state that the larger 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 details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact perspective on staff members it is absolutely important that it’s done correctly and on time so what we indicate 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 detrimental effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been impressed coming into this Market kind of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that tasks like Wi-Fi International and other vital matters are done correctly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards providing a comprehensive payroll service for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account needed for worldwide payroll are essential factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.
anyway we know how how crucial a role 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly 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 certainly be an intriguing task 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 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 kind of shot to get back to everybody so moving on appearance why do business pick to main different bank accounts there are Cancel Submitted Payroll Papaya Global services out there doing exactly this for particular countries and I’ve worked in a company or lots of services doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for any person where we don’t 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 numerous reasons one is it’s the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a range I think this is a process that needs taking a look at it requires changing but ultimately people are very stuck to what they’re familiar
with right um modification is a hard thing all of us do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping numerous checking account but there’s a big quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial but I think the sincere answer is modification um individuals haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the benefits 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 monitor and this method does posture several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so
I simply 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 Worldwide employees you are worthy of a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Cancel Submitted Payroll Papaya Global
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s optimum primarily to the client why you ought to be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions Etc so it’s a big effect that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance coverage against misclassification but usually premiums are just covering the cost of legal fees whilst the average claim assessed against companies corresponds to to 40 or half of the base salary of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest in many cases I haven’t 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 truth that you were not in compliance with laws um in the UK