Handling payroll worldwide is a daunting job … Medius Papaya Global…
How much revenue does the company make? Medius Papaya Global
Over the last 5 or six years …Medius Papaya Global… roles on the company side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind 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 originates 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 drizzling here it’s very really bleak and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated 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 services and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or really very fundamental there’s no genuine consistency structure we’re living in a period 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 whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global organizations have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what doesn’t need to be consisted of best 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 country there’s payment time frames there’s payment capabilities 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 customer’s own in-country account so there’s complexity any place you look best ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to kind of move forward with that it likewise also to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing groups work better together than ever um I’m constantly impressed when individuals state I have actually divided 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 divide the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the settlement landscape is ending up being progressively complex. Services are continuously introducing brand-new benefits and payment alternatives, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically innovative period, there’s no justification for keeping cumbersome procedures. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even minor delays can negatively impact staff members’ well-being and have significant consequences. Therefore, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this sort 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 staff members or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just 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 crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll solution for your workers globally once again I believe is another big um process once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyway we know how how essential a function 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 everybody that’s involved in those processes and also so picture sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of shot to get back to everyone so moving on appearance why do companies choose to primary different bank accounts there are Medius Papaya Global services out there doing exactly this for particular countries and I have actually worked in a service or lots of companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and anyone 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 think lots of reasons one is it’s the requirement I believe people have got so utilized to we require a 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 think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately individuals are extremely stuck with what they recognize
with best um modification is a challenging thing we all don’t like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining multiple bank accounts however there’s a substantial quantity of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private people so the complexity is big however I believe the honest answer is change um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does present numerous obstacles um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Medius Papaya Global
I discover time and time again the employees frequently misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s most advantageous mainly to the client why you ought to be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities 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 gone by they haven’t added to pensions And so on so it’s a big impact that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance against misclassification however generally premiums are just covering the expense of legal fees whilst the average claim assessed versus companies corresponds 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 in most cases I haven’t seen it a minimum of 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 pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK