Managing payroll internationally is a daunting task … How To Deal With Pay Advances Through Papaya Global…
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Over the last five or 6 years …How To Deal With Pay Advances Through Papaya Global… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us 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 everyone is um it’s nice to to kind of like see where everyone comes 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 drizzling here it’s extremely really gloomy and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and find how streamlining global payroll payments can change them from a burdensome job into a strategic asset.
due to various regulations, compliance requirements, data security issues, and banking rules. The large variety of employees and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Despite living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to provide insights and services to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors badly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the average expense of an international data 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 do not run smoothly if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t require to be consisted of ideal 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 time frames 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 intricacy wherever you look ideal eventually building a knowledge base is absolutely vital but 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 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 definitely fundamental and innovation is permitting us to type of move forward with that it also also to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you stroll 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 an industry 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 information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to add to kind of the level of complexity there’s more and more advantages being organ or being offered by businesses throughout the world so again you’re just aiming to add increasingly more payments to this currently complex landscape so if you kind 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 real obstacles or genuine tough kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we run in they simply 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 age that you understand that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on workers it is absolutely important 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 result on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been amazed entering into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually 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 a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails 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 also like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the first International Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll option for your staff members globally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and savings account 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 have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are really 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 everybody that’s involved in those procedures and also so imagine 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 numerous thousands possibly Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t envision 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 return to everybody so moving on look why do companies select to primary different checking account there are How To Deal With Pay Advances Through Papaya Global companies out there doing exactly this for particular nations and I have actually worked in a company or lots of companies doing exactly that I can state it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating additional work for any person where we do not need to and any person that’s dealing with 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 amount that we are I think many factors one is it’s the standard I believe people have actually got so used to we require a new bank 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 requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs changing but eventually people are very stuck to what they’re familiar
with right um modification is a tough thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining several checking account however there’s a substantial amount of complexity goes with establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is huge but I think the truthful response is change um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this approach does posture numerous challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems 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 dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. How To Deal With Pay Advances Through Papaya Global
I find time and time again the employees typically misclassified unwittingly they don’t understand the conditions of employment or contract and are told by the customer why it’s most advantageous mainly to the client why you need to be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care 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 passed they haven’t contributed to pensions And so on so it’s a big effect that they never understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy business are getting insurance against misclassification however usually premiums are just covering the cost of legal fees whilst the typical claim examined against employers relates to to 40 or half of the base pay of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times 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 stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK