Handling payroll worldwide is a challenging job … Papaya Global Auto Enrolment Edition…
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Over the last 5 or 6 years …Papaya Global Auto Enrolment Edition… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very dreary and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll also go over a recap which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes increasingly more intricate International companies are seeking to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint lots of companies maintain separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve separate bank accounts in some cases in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they add more intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely extremely basic there’s no real consistency framework we’re residing in an age 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 believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average 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 do not run efficiently if they count on the needed 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 challenges company face when they’re making payments to employees or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included right and what does
it require to be thought of there’s varying 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 client’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if but some children 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to kind of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide 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 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re simply looking to include increasingly more payments to this currently 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 difficulties or real difficult type of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of years I would certainly state that the larger a service 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 information into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost perspective from an impact perspective on employees it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on people’s well-being and many other elements if people aren’t paid uh I have actually always been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific first step um supplying an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and checking account they need for their Worldwide 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 have actually never 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 problems where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks
anyhow we know how how crucial 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 think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and kind of try to return to everybody so proceeding look why do business choose to main separate bank accounts there are Papaya Global Auto Enrolment Edition businesses out there doing precisely this for specific countries and I’ve worked in an organization or numerous companies doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s dealing with 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 amount that we are I believe many reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs changing but eventually individuals are really stuck with what they recognize
with right um modification is a hard thing we all do not like change um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining multiple bank accounts however there’s a substantial amount of complexity goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is huge but I think the sincere response is modification um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to monitor and this approach does position a number of challenges um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so
I just 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 gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Auto Enrolment Edition
I find time and time again the employees often misclassified unknowingly they do not comprehend the conditions of employment or contract and are informed by the customer why it’s optimum primarily to the customer why you should be utilized or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not contributed to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage against misclassification however usually premiums are only covering the cost of legal costs whilst the typical claim assessed against companies equates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other location 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 pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK