Handling payroll internationally is an overwhelming job … Maximize Hr Efficiency Affordably With Papaya Global…
How much revenue does the company make? Maximize Hr Efficiency Affordably With Papaya Global
Over the last five or 6 years …Maximize Hr Efficiency Affordably With Papaya Global… roles on the provider side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 really very gloomy and I want I was elsewhere 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 managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts 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 also discuss a wrap-up which must leave his time at the extremely extremely 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 International labor forces become more and more typical and managing them ends up being increasingly more intricate International organizations are aiming to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous organizations keep separate savings account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve different bank accounts often in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they add further intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there’s often an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very basic there’s no genuine consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
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 Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be included best and what does
it need to be thought about there’s differing Bank details 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 need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely important but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type 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 permitting us to kind of progress with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m always amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to sort of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so again you’re simply looking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really 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 know long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost point of view from an impact viewpoint on workers it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful impact on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 absolutely important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your workers worldwide again I believe is another big um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their International 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 don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting 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 require days of the week to try to check out them and in fact see what was going on and type of shot to get back to everybody so carrying on look why do companies select to main separate savings account there are Maximize Hr Efficiency Affordably With Papaya Global services out there doing precisely this for specific nations and I have actually operated in an organization or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I believe individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a process that requires looking at it requires changing however eventually individuals are really stuck to what they’re familiar
with ideal um change is a difficult thing all of us do not like modification um so I believe it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving numerous bank accounts however there’s a huge amount of intricacy goes with establishing a checking account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is big but I believe the truthful answer is modification um individuals have not been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep an eye on and this method does present several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Maximize Hr Efficiency Affordably With Papaya Global
I find time and time again the workers frequently misclassified unconsciously they don’t understand the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the customer why you ought to be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care 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 passed they haven’t contributed to pensions Etc so it’s a huge effect that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance coverage versus misclassification however usually premiums are only covering the expense of legal charges whilst the typical claim examined versus companies corresponds to to 40 or 50 percent of the base pay of worker exists any point in taking out insurance 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 in most cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK